NT Oil director John Campbell said the company was extending the IPO until November 20 to allow additional time for several groups to complete due diligence before subscribing.

“This extension does not affect our proposed 10-well program in the Clay County Regular oil field in Texas, which is due to start in December,” he said.

“It will not affect the company’s farm-in to the Moriary drilling in Western Australia. It will delay the date on which the company is first quoted on the ASX.”

Founded in 2004, the frontier explorer is hoping to raise $5.5 million through the IPO for drilling and exploration in Texas, Western Australia and Northern Territory.

Earlier this month, the company said it is planning to use cash flow from oil production from acreage in an existing oil province in Clay County, northern Texas to fund a wildcat exploration program in Australia.

NT Oil acquired the acreage last year from global giant Chevron.

The company’s major exploration play in Australia is the Georgina Basin in the Northern Territory, where it has two exploration permit applications totalling 30,000 square kilometres.

The company has previously said the Georgina Basin’s prospectivity was confirmed by oil shows and gas flows from several previous wells, good quality reservoir rocks and geological similarities with the Tarin (China) and east Siberian (Russia) oil provinces.

NT Oil plans to use infrared satellite imagery, water well analysis, magnetic data and geochemical ground surveys in the basin to define areas for seismic surveying and then drilling, over the next two years.

The company’s other major Australian interest is a farm-in to acquire a 25% stake in the Moriary Prospect held by Empire Oil in EP426 in the Perth Basin.

NT Oil is offering 27.5 million shares at 20c each, plus an option for every two shares purchased, representing 70% of issued capital and valuing the company at $7.9 million.