FAR Seeking monies

On the thread, it looked like monies had already been raised - however from the following it looks like we are raising?
Does anyone know?


http://www.standardmedia.co.ke/busi...-seeks-sh688m-to-explore-oil-in-coastal-kenya

Nairobi, Kenya: Australian oil explorer Far Limited plans to raise Sh688 million to undertake oil exploration works in coastal Kenya. The firm said it seeks to raise $8 million through a private placement. Far Ltd, which is listed on the Australian Securities Exchange, is set to offload 200 million new ordinary shares to a selected group of investors. The proceeds of the share issue, it pointed out, will be used to fund oil exploration in offshore Lamu. “The placement is being undertaken to fund further exploration in offshore Kenya, potentially including accelerating the evaluation of the Miocene reef oil play offshore Kenya,” said Far Ltd in a statement. Â It explained that it has a significant acreage position and for general working capital purposes. Managing Director Cath Norman explained that the money would enable the firm to go ahead with planned exploration works in its blocks off the Lamu coast, including drilling of exploratory wells. She said the money would allow the company to move forward its key position in Kenya in the short term. “Building our portfolio of opportunities for our shareholders is key to our strategy and we aim to deliver a high impact drilling programme in Kenya following on from the current drilling programme in offshore Senegal,” Norman stated. The company has been prospecting for oil in Kenya in what it says is a highly prospective region in Lamu. It has a 60 per cent ownership and is the operator of Block L6 – which is partially onshore – and has a 30 per cent stake in the offshore Block L9. Farm-in agreement The money that will be raised through the placement is in addition to Sh2.5 billion that Far Ltd and its partner in Block L6 Pancontinental Oil and Gas got in a farm-in agreement with Dubai-based Milio International. The agreement will see Milio become the operator of the onshore portion of L6, with a 60 per cent stake while the two initial partners split the remaining 40 per cent. The larger offshore bit will, however, still remain in the hands of Far Ltd (60 per cent) and Pancontinental (40 per cent). While no major finds have been made in Lamu – both onshore and offshore – the firms that have been exploring the area note that it is a matter of time before this is realised.

Far Ltd has in the past said seismic survey data shows Block L6 to have combined prospective resources of 3.7 billion barrels of oil or 10.2 trillion cubic feet of gas.
Read more at: http://www.standardmedia.co.ke/busi...688m-to-explore-oil-in-coastal-kenya?pageNo=2