West Perth-based Tap Oil plans to raise $82 million to fund the acquisition and evaluation of oil assets in the Gulf of Thailand.

According to reports, Tap is aiming to make a final investment decision of development of the oil fields, in which it will have a 40 per cent stake, in early 2012.

The oil and gas exploration and production company said the acquisition of two oil discoveries and a large expliration acreage position is an excellent fit with the company’s existing portfolio.

The Manora oil field, one of three petroleum concessions in the Gulf of Thailand, is an “exciting recent discovery”, said Tap managing director Peter Stickland.

The transaction – at a fixed offer price of $0.81 per share – comprises a $13 million fully underwritten institutional placement and a one-for-two accelerated non-renounceable pro-rata entitlement offer to all eligible shareholders.

The entitlement offer involves a fully underwritten institutional component of approximately $36 million and a retail component of approximately $33 million.

The Allens team is led by Partner Vijay Cugati, with Lawyers Caitlin Gill, Cellia Cotan Cognard and Maya Greenberg assisting.

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“The equity raising needed to work off the back of signing the sale agreement and therefore required a very demanding timetable,” Cugati said.

“We are pleased to again work with UBS, drawing upon our experience in all aspects of capital raisings, including underwritings such as this, and our experience in the resources sector.”

Allens advised UBS on all aspects of the management and underwriting of the capital raising.