Senex Energy Limited (ASX:SXY) has been placed in a trading halt today as it announced a $155 million fully underwritten equity raising, supported by its largest shareholder The Sentient Group.
$50 million will be offered to institutional and sophisticated investors.
A 2 for 13 accelerated non-renounceable entitlement offer will raise about $105 million at $0.74 per share and includes a retail component.
The oil producer says the proceeds will be used to fund follow on exploration of the southern Cooper Basin in South Australia.
Senex revised its annual production guidance earlier this month, after rain caused delays in production.
In the first half of its 2012 financial year, Senex reported a net profit of $1.95 million.
