The Bendigo-based company hit the boards at A23c, up on the issue price of 20c. By the close of trade Purus had settled at 21.5c.

The company has already carried out preliminary exploration on its six Otway Basin, Victoria leases.

The funds raised in the initial public offering will be used to start investigative drilling and trial gas fields at two of the company’s six project areas.

Purus plans to begin the 12-month drilling program in October and aims to prove a gas resource within 24 months.