North Sea focused Iona Energy said it was hoping to raise up to £131million through a share offering and bank lending.
The Canadian-listed firm wants to raise £37-50million through the share offer in Canada, due to close on March 27, and £81million through a syndicate of banks – Royal Bank of Scotland, Lloyds TSB and a US bank – due to be approved on the same date.
It said the cash would go toward development work programmes on the 20% owned Perenco-operated Trent and Tyne gas fields, the 100%-owned and operated Kells oil field, previously known as Staffa, and the 35% owned MPX North Sea-operated Orlando oil field.