OIL exploration and production company Aminex has raised £2 million sterling through the placing of 3.5 million shares at 57p each in London and Dublin. The shares were placed with a London institutional investor, the company said yesterday.

The monies will be used to fund development work at its Russian and Tunisian exploration operations, according to Aminex chief executive, Mr Brian Hall. The company is currently negotiating a debt and equity financing package with the International Finance Corporation to meet further exploration costs.