MX Oil is looking to pool £2million to fund its Nigeria asset through to production.
The OML 113 prospect covers an area of 835 sq km offshore Nigeria and contains the Aje field.
The Aje field, which was discovered in1977, is thought to have a similar composition to Ghana’s Jubilee field.
A company spokesperson said: “The company is in the process of completing a conditional placing at a targeted price range of between 0.5p and 1.0p per new ordinary share.
“The book is the final stages of being built and it is expected to close shortly. Also, as previously announced, the company has received expressions of interest to acquire all or part of its Nigerian investment or to invest into the underlying asset directly alongside the company.
“These options are all being actively discussed and the market will be updated accordingly.”
The Nigerian government approved the field development plan in 2014.
Production at 11,000 bopd was originally targeted for January this year.