In a statement the firm said, “Shareholders will be able to apply for a minimum of 10,000 shares up to a maximum of 80,000 shares. The funds raised will be applied to working capital and the majority will be used to fund the company’s share, as a partner in the Atlas joint venture, of costs relevant to the on-going development of the joint venture’s gas resources in south-eastern Alberta, Canada.”

“A slight reduction in the targeted amount to be raised will not impede our intent of funding the company’s share of a further eight gas wells from drilling through to completion and tie-in to sales pipe lines. Documentation will be mailed to shareholders during the course of next week,” added the firm.