Circle Oil is has placed over 141 million new ordinary shares in order to raise €65m in new investment.
The shares, priced at 30 pence sterling each, will be used to accelerate exploration, fund capital expenditure in north Africa and facilitate new ventures.
Limerick-based Circle was advised on the deal by Evolution Securities.
Commenting on the development, Chris Green, Circle’s Chief Executive Officer, said: ‘I am delighted with the success of the Placing and the support of both existing and new investors.
‘With these fresh funds, Circle can accelerate its activities and is well positioned to take advantage of new opportunities emerging in our regions of operation.
‘I believe this marks the beginning of a new period of growth for Circle Oil.'
