The money was raised from the exercise of its previously-listed shareholder options and subsequent placement of the shortfall.

Of this, $29.8 million was raised via the exercise of 19.9 million options at $1.50 each.

The company placed the shortfall 5 million shares to certain existing and new shareholders, also at $1.50 per share, to raise $7.6 million.

“These funds raised will be used to strengthen the company’s working capital

position as well as to further develop its internal competencies in support of its

program to commercialise the Cooper Basin resource,” Geodynamics said.

“In addition, the funds will enable the company to advance the work program on its other tenements.”

Last week, Geodynamics released the heavy-duty Lightning Rig from the Habanero-3 hot rocks production well, having finished all completion activities.

The rig will now move about 10km to the next well site, Jolokia-1.