Limerick-based exploration company Circle Oil has raised £16.5 million through a secondary placing with existing shareholders.
The company said the funds would be used to assist with its gas production in Morocco and to pay for additional drilling in Egypt and appraisal work in Tunisia.
Fox-Davies Capital conducted the placing of 61 million shares at price of 27 pence per share.
At 2.30pm shares in Circle were down over 5 per cent at 30.5 pence giving Circle a market capitalisation of £106.2 million (€123.2 million).