Orca has already agreed to sell its Cooper Basin assets – its 20% interests in the Burruna [PPL 251] and Fury oil fields, PRL 117 and PEL 110 – to Senex Energy for $2 million, and was seeking to take advantage of the depressed global oil and gas market, especially given there had been no progress on its Seabiscuit project in Texas since it entered the project given the lack of a funding partner.

Orca is raising $20 million before costs by placing 1.5 billion shares to Tinkler’s Bentley Resources and Trepang Services.

The participants will receive two free attaching options at an exercise price of 1.33c apiece by June 30 2018 for every seven shares subscribed for.

Tinkler co-founded Aston Resources and played a significant role in the development of Whitehaven Coal, and is primarily known for its rise and fall with the last coal boom with assets in New South Wales.

he is looking to rebuild his empire after spiralling debts and a cooling resources sector hit his finances several years ago.

Assuming shareholders approve the placement, Tinkler will take on the role of Orca’s executive chairman while Trepang’s John Robinson Jnr will join the board as a director.

Trepang is a company controlled by Darwin property developer John Robinson Snr and pearl magnate Nick Paspaley.

Orca managing director Greg Bandy said the significant cash injection from Bentley and Trepang, together with the $5 million the company expects to have at the completion of the sale of its Cooper Basin assets, would provide Orca with the funding to identify, evaluate and acquire or invest in assets or projects in the energy sector.

“Orca is delighted to have attracted the financial support of both Tinkler and Robinson, as well as their corporate experience,” he said.

“We believe that well capitalised companies with a long-term investment strategy are well placed to take advantage of a depressed energy sector. Orca is now in a position to do just that.”