EPI (HKG:0689) has completed the placement of 952,095,000 shares to at least six investors at HK$0.017 apiece to raise net proceeds of HK$15.7 million, a Wednesday bourse filing said.

The shares represent approximately 15.38% of the oil explorer's issued share capital following completion.

The firm will use proceeds from the issue to drill new wells and boost the production of its Canadian oil assets, as well as for general working capital and potential investment opportunities.