Oil and gas explorer Kairiki Energy has raised $7 million in a private placement to fund inboard development at its SC54 project in the Philippines and for working capital.
The company placed 50 million shares at 14 cents each through Southern Cross Equities to professional and sophisticated investors.
Kairiki holds a 40 per cent interest in the SC54 project with operator Nido Petroleum holding the balance.
SC54 covers an area of 5418sqkm of the North-West Palawan basin in water depths ranging from 30m to 1100m.
Kairiki shares were off 0.5 cents to 17 cents at 9am.
STUART McKINNON
