Rawson Resources became a casualty of the tight IPO market some months ago and was forced to withdraw from permits WA-306-P and WA-307-P.

The company's 25% stake in the venture will be equally shared by the remaining partners, Magellan Petroleum and Antrim Energy Australia.

Rawson failed in its bid to raise $6.25 million from the issue of 25,000,000 ordinary shares for exploration of the venture.

The Floreana Plazas Marine Seismic Survey of 1,044km of 2D seismic began on the 24th April 2003. The survey is designed to high-grade the additional leads and prospects on the 80km Galapagos-shark trend.

Upon completing the integration of the results of the survey, the joint venture will seek additional industry partners to fund the drilling of the earlier defined Galapagos project.

Participants in permits WA-306-P and WA-307-P are Antrim Energy (50%) operator and Magellan Petroleum (50%).