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The placement of new shares will be undertaken within the company's 15% placement capacity and issued at 8c per share.
The company will also offer a shareholder purchase plan to allow eligible shareholders to acquire up to $5000 of the company's shares at the placement prices of 8c per share.
According to FAR, the funds raised will be used for the testing of the Stokes Bay-1 well in WA's Canning Basin, which has potential reserves of more than 200 billion cubic feet of gas or 10 million barrels of oil.
The money will also be used for exploration drilling at the company's NE Waller Texas project, drilling of an exploration well at Lake Long in South Louisiana, to farm-out the Senegal project in West Africa and for the progression of development planning in the Beibu Gulf, Offshore China.
