Kea seeks to raise $13.7m

Kea Petroleum, a new oil and gas exploration business focusing on New Zealand, plans to raise about £6 million ($13.7 million) by selling shares on London's Alternative Investment Market.

Kea has already raised about £7.2 million since incorporation in September, and acquired three petroleum exploration permits in the Taranaki and Northland Basins of New Zealand, according to a statement yesterday.

A further two offshore Taranaki permits have been applied for.