Matra Petroleum, an independent oil and gas exploration and production company, has raised £0.35m in the second stage of a placing, bringing its total to £1.2m.
The firm placed the further 70m shares with Delek Energy Systems on top of the 170m already placed.
The funds raised will be used for working capital and to initiate production from well A-13 in the Sokolovskoe Field.
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The firm anticipates that the shares will begin trading on AIM on or around 22 November.
Managing director Peter Hind said: "We are delighted that Delek has participated in this placing and continues to strongly support Matra in progressing the development of the Sokolovskoe Field."
The share price rose 4.35% to 0.6p by 12:58.
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