The proceeds would be used to fund the company’s continuing exploration activities and ongoing corporate overheads, Pancon said.

The company holds interests in several overseas and Australian projects.

In Europe, Pancon holds an 80% interest in an offshore Malta block, where it is currently awaiting government approval to restart a planned seismic survey.

Also in the Mediterranean, the company holds a 100% interest in a block offshore Morocco, and is awaiting the formal issue of the reconnaissance license by the relevant Moroccan minister.

In Africa, the company says it is nearing completion of a farm-out agreement with Origin Energy into its Kenyan L-8 and L-9 offshore production sharing contract areas. Once completed, the joint venture will contract for the acquisition of the extensive detailed seismic program over prospects already delineated in the two PSC areas.

In Western Australia, Pancon owns stakes in three Carnarvon Basin permits, one in the Barrow Dampier Sub-basin and another in the Canning Basin.

The share placement was managed by Carmichael Capital Markets for a fee of 6% of the funds raised.