PetroTal Corp launched a share issue to raise at least £15m to fund its oil development activities in Peru.
New shares in the company would be offered at 15p each.
The funds would be used to drill one additional water well in 2019, which was originally planned to be drilled in 2020, to provide additional water disposal assurance.
The would also support a re-completion of an existing water disposal well as an oil producer and separate work-over work to improve production.
At 9:48am: (LON:PTAL) share price was 0p at 16p