Carnarvon Petroleum (ASX:CVN) is looking to raise $79 million in a placement of new shares.
Proceeds will fund Carnarvon's share of upcoming Dorado project costs as it progresses to development stage.
Results from the Dorado-2 in appraisal well in WA confirm the presence of a major oil, gas and condensate resource – Carnarvon holds 20 per cent interest.
Brokers are seeking buyers for 202.6 million new shares at 39 cents each.
The brokers were calling for bids by 4.30pm Sydney time on Wednesday.
Shares in Carnarvon Petroleum (ASX:CVN) last traded at 42 cents.