AFROil and gas explorer Jacka Resources is seeking to raise up...

AFR

Oil and gas explorer Jacka Resources is seeking to raise up to $14.2 million through the issue of 105 million shares at 13.5¢ apiece.

Patersons Securities and RBC Capital Markets are the joint lead managers on the two tranche placement. RBC has been appointed sole bookrunner.

Jacka said proceeds raised will ensure the company is fully funded for its work programme over the next 12 months which includes the drilling of the Hammamet West 3 appraisal well, the remaining payment for the Aje oil field and sufficient working capital to continue to focus on ground floor new ventures.

The offer is a 13 per cent discount to the stock’s last close at 15.5¢