TUSKAR Resources' shareholders have approved a resolution, at an extraordinary general meeting, which allows it to place shares for cash at up to 10 per cent of its issued share capital.

Tuskar says this provides it with the flexibility to move promptly to place shares with prospective institutional investors and this enables an important first step in broadening and strengthening the shareholder base.

The group has noted that it needs to attract the support of strong institutional investors if it is to grow in line with expectations.

It also believes that the strategic alliance with the Camac/Allied Energy group has presented it with significant exposure to exploration and production opportunities at offshore Nigeria.