Melbourne-based explorer Karoon Gas has raised $150 million that will help spur exploration of its joint venture project in the Browse Basin with ConocoPhillips.
Karoon said it had successfully placed 22.3 million shares at $6.70 each to raise a total of $149.6 million.
Shares in the company last traded at $7.17 at 13:17 AEST, up 26 cents.
Merrill Lynch was the lead manager of the placement.
"The capital raising will provide Karoon with a strong cash position for its continued exploration and appraisal program in the Browse Basin, along with the upcoming exploration programs in Peru and Brazil," Karoon said in a statement today.
Yesterday, the joint venture partners secured a semi-submersible drill rig from Sedco Forex International to resume the Browse drilling program.
The same rig was also used in the successful Poseidon 1 well in April, which both partners claimed as a significant discovery.
Karoon will also launch a share purchase plan with shareholders able to subscribe to securities priced at $6.70 each.
