KEA.L Share News (KEA)

Shares in Kea Petroleum jumped almost 20% on Tuesday, after the oil and gas explorer said it had joined a crowd-funding platform in a bid to raise £3m.The London-listed company, which is currently undergoing a strategic review, has joined up to Darwin Strategic's online funding platform PrimaryBid.com, which enables crowd to funds AIM placings.The New Zealand-focused oil and gas explorer, which is otherwise due to run out of cash in May, said it aimed to sell 300m new shares to investors at a price of 1p each.KEA added that while it was currently possible for investors to buy stock in the market below the minimum price proposed for the PrimaryBid funding, it insisted that only the issue of new shares will raise the required capital.KEA also warned of "considerable" risks for investors prepared to bid for and subscribe for shares via primarybid.com."The company's financial position is precarious and its current working capital position is tight with sufficient funds for operations until shortly after the forthcoming general meeting," the company said in a statement on Tuesday."The company is unlikely to survive in its present form, if at all, if the necessary funds are not raised through PrimaryBid.com or through other means."The terms of the crowd-funding platform state that the AIM-listed group must secure 'bids' totalling at least £3m in order for any funds to be raised.Meanwhile, earlier on Tuesday, the group told investors it intended to proceed with the drilling of a well at the Shannon exploration project, in New Zealand, even if it can't reach an agreement over a farm-out partnership.Kea said it expected significant interest in the company and the Shannon project during the lead up and during drilling if the project were to go ahead.However, according to the company's own geologists, who also estimate the project's prospective resources at 9.6m barrels, Shannon has only a 20% chance of success, even though such a discovery would value Kea's share in the process at over $120m."Success with drilling Shannon-1 would have a major impact on the future of the company," it said in a statement."Commercialisation of an oil discovery could be expeditious given the current production infrastructure on the Puka site."Kea shares were up 19.41% to 1.01p at 16:34 on Tuesday.