The Melbourne-based minnow, which plans to issue the 55 million shares at A11c each in two tranches, last month started a 7180km 2D seismic survey over the country’s Walton Basin.

It has teamed up with private petroleum firm Finder Exploration to conduct the survey, which is expected to be completed by the end of this month and results known in September.

The company said the long offset (8km) streamer length was designed to acquire high-quality data beneath the extensive reef system in the basin. The source rocks and deeper potential traps are located in the section, it said.

In addition to the seismic program, BHP Billiton Falcon technology will next month be employed over a large portion of the acreage to map structure, lithology of the basins and in particular to provide detailed information on the reefs, which are the key exploration play for most of the region.

The first tranche of 9 million shares is expected to be settled today and start trading on the ASX at the end of the month. The second tranche of 46 million shares will be subject to shareholder approval at an upcoming general meeting.