Hurricane Energy said its latest fundraising measures had been approved at a general meeting today.
The London-listed company said last month that it had conditionally raised £70million through the proposed placing of 205million shares.
Hurricane also said it was mulling making an open offer to all qualifying shareholders to generate an extra £4.4million.
Today, the firm said both resolutions had been passed and that fundraising would “proceed to completion”.
The business intends to use the proceeds help firm up the timeline for the early production system (EPS) on the Lancaster field.
Lancaster, which is thought to be one of the North Sea’s largest undeveloped fields, forms part of Hurricane’s portfolio of west of Shetland “fractured basement” exploration projects.
Hurricane expects to make a final investment decision on the EPS in the first half of 2017, with first oil targeted for 2019.
Hurricane chief executive Robert Trice said: “We are delighted that our shareholders have supported the fundraising and we look forward to progressing the next phase of our operational activity at Lancaster, which is to commence shortly with the drilling of an exploration well on Lincoln.
“We were extremely encouraged by the results from the pilot and horizontal sidetrack wells drilled earlier this year, which have confirmed that we now have two highly productive horizontal wells which we will use in our early production system.
“Completion of this fundraising will enable us to continue to advance our understanding of the Greater Lancaster Area by potentially adding considerable near-field resources and secure the development timetable for the Lancaster early production system.”