FAR Limited (ASX:FAR) says it has strengthened its cash position through a $46.7 million capital raising.
The Melbourne-based oil and gas explorer says the placement was oversubscribed to institutional and sophisticated investors.
The news comes just two weeks after FAR revealed a significant oil discovery in the FAN-1 exploration well offshore Senegal in West Africa.
FAR advises the discovery of oil in FAN-1 and an extended period of unscheduled maintenance have resulted in an increase to the forecast cost of the Senegal drilling program.
The company expects additional funds raised will now allow it to complete what it describes as a very exciting drilling program.
FAR reported a net loss of $4 million in the first half in the 2014 financial year.