New shares will be issued, priced at 100p each.
The buyers are Solstice International Investments and Helios Natural Resources, exercising 7mln options each. The shares issued to Helios, however, will not have voting rights.
The cash will be used for general working capital and corporate purposes.
Last month, Eland joined the producing ranks with the hotly anticipated start up at the Opuama field, within the OML40 licence.
At that time, two wells were in operation and production is expected to stabilise at 2,500 barrels of oil per day. The Opuama facilities currently have the capacity to export up to 30,000 barrels a day.
With production now established the company’s focus will shift to increasing daily production volumes.