Buru Energy has had no problems raising funds for further exploration at its Canning Superbasin permits in the Kimberley with its recently announced $5 million share purchase plan closing heavily oversubscribed.
The company received subscription applications for $22.2 million from more than 2000 shareholders and had to scale back acceptances at a ratio of 0.224.
Buru will issue just over three million new shares under the placement, priced at $1.65, to raise $4.99 million.
Last month, the company announced it had raised $35 million in an institutional placement, also priced at $1.65.
That raising was also heavily oversubscribed.
Funds from the two raisings will be used to bring the Ungani oilfield into production, complete an appraisal program of the Laurel Wet Gas project and recommence an exploration program for conventional oil prospects, with an initial focus on the Ungani oil trend.
Buru shares were off half a cent to $1.745 at 11.10am.