RPT-INTERVIEW-Innamincka to raise equity after oil find

(Repeats item first sent Oct 2 with no changes to text)

By Fayen Wong

SYDNEY, Oct 2 (Reuters) - Australian oil and gas explorer, Innamincka Petroleum Ltd (INP.AX), which believes it may have discovered one of the country's largest onshore oil fields, plans an equity raising to fund its development projects.

The junior oil and gas firm said results from its Flax East 1-well in Australia's outback Cooper Basin have confirmed its Flax and Juniper oil discoveries were connected, suggesting an estimated oil resource of about 120 million barrels of oil.

Chief Executive Ross Wecker told Reuters development of the Flax field was already underway and the company plans to carry out an equity raising soon.

"We will definitely need cash to push this forward but we won't be raising a lot of money. A small portion will come from equity and rest will come from bank financing," Wecker said from his office in Brisbane on Tuesday.

Development projects over the next six months include the drilling of two wells at Flax, an appraisal well at Yarra North and construction of a pipeline that would cost a total of about A$11 million ($10 million), Wecker said.

Shares in Innamincka, which leapt five-fold to a record A$1.97 on Monday, eased 6 percent to close at A$1.405 on Tuesday. Its market value has swelled to about A$225 million from A$62.6 million on Friday.

Wecker said Innamincka, listed in 2003, has a small team of six geologists and geophysicists, mostly gleaned from major producer Santos Ltd (STO.AX) and Delhi Petroleum, which was acquired by Beach Petroleum (BPT.AX) last year.