K-based Prospex Oil and Gas has raised 800,000 British pounds (899,562 euro) via a share placing to help fund its work in 2019 at the Suceava concession, in northeastern Romania, it said on Tuesday.

The oil-and-gas company placed 400 million new shares at 0.2 pence each, Prospex said in a press release. The net proceeds of the placing will help finance the company’s share of the 2019 work programme at the Suceava concession following an enlargement of the exploration area, according to SeeNews.com.

In a separate press release on Tuesday, Prospex announced that Romania’s National Agency for Mineral Resources (ANRM) has granted permission for an enlargement of the exploration area in Suceava, which also includes a new gas prospect.

The additional area is located near the Bainet discovery and extends the concession west towards the Bilca Gas Processing plant. It also covers a new gas prospect that is similar to the Bainet discovery where concession operator Raffles Energy and Prospex successfully drilled in November 2017 and started production in September 2018.