Oil Search was forced to conduct the raising to help the company pay its remaining equity funding requirement for its share of the Papua New Guinea Liquefied Natural Gas (PNG LNG) joint venture deal. The oil and gas company had planned to raise funds buy selling a 3.5 per cent stake in the PNG LNG joint venture to International Petroleum Investment Corporation (IPIC), an Abu Dabhi sovereign wealth fund. But the deal fell over because of time constraints, after the Australian Securities Exchange told Oil Search it would require shareholder approval - which could not be organised before the PNG LNG final investment decision due by December 8. Oil Search chief executive Peter Botten said support had been strong with a very high participation from the existing shareholder base. ''The company can now focus on moving the PNG LNG project forward to a timely sanction decision,'' Mr Botten said in a statement.