Central lodged a supplementary prospectus with the Australian Securities and Investments Commission (ASIC) to revise the minimum offering.

"The supplementary prospectus lodged today will ensure the listing process with a revised minimum offering of $9.5 million," Central managing director John Heugh said.

"Some market-related issues during the promotional process of the prospectus dated 12th September meant that certainty of listing became a high priority to be assisted with the under-writing of the supplementary prospectus lodged today."

The company said the revised minimum, fully underwritten by Martin Place Securities, should allow the company to list, subject to no major downturns in the market or the oil price.

The maximum amount of capital sought by the company in the IPO remains at $25 million.

Central said the revised float would allow it to spend $5.95 million on drilling and exploration.

This includes $1.7 million to drill either its Avalon or Blamore oil prospects in EPA 115, on a single well basis, assuming Central’s share of costs is 77.5% as outlined in the farmin agreement with White Sands Petroleum.

A futher $3.5 million would be spent drilling the Johnstone oil prospect in EPA 114, subject to grant of the permit and seismic on EPs 112, 118 and 125.

In addition, $250,000 would be spent on exploration in EP93 and EP 82 and $475,000 on additional exploration in granted permits in the second year of the program, Central said.

Central also said it was also discussing potential farm-outs to several different companies.

"Central's initial program on these highly prospective basins will add substantial value to the company and underpin a resumption of onshore exploration on large structures in central Australia," Martin Place Securities managing director Barry Dawes said.

"The high level of interest from overseas oil companies in these tenements reinforces the strong asset value in the IPO and the long-term petroleum potential."