Over the past seven years Rawson has used private capital to acquire oil and gas permits in the Otway, Pedirka, Cooper and Surat Basins.

But in January 2003, the company became a casualty of a tight IPO market when it failed in its bid to raise $6.25 million from the issue of 25,000,000 ordinary shares.

This time it is offering up to 30,000,000 shares at 20 cents each to raise up to $6,000,000. The offer opens today and closes on August 26. Trading in its shares is expected to open on September 9.

Rawson has farmed into two permits to drill exploration wells in its first year of operation as a listed company. Most of Rawson’s interests have been acquired from applications that it has instigated, resulting in either carried interests or ventures that it operates.

Drilling prospects in all these permits are planned over the next three years.

“Rawson expects to participate in a minimum of four and possibly as many as six exploration wells in the first two years of operation,” the company said.

“The discovery of an oilfield in any one of these wells is likely to have a significant impact on Rawson’s value.”

The company said several developments in the industry in recent years had increased boosted its chances of success, including:

• Better understanding of the oil and gas risks as the knowledge and data base matures in the sedimentary basins of Australia;

• Better imaging technology to help define drilling targets;

• Better drilling and completion technology to reduce exploration costs;

• Expansion of production and pipeline infrastructure; and

• Growing demand for petroleum.

Rawson has three wholly-owned permits – EP 97 in the Northern Territory’s Pedirka Basin and PELs 154 and 155 located close to the Katnook gas fields in the onshore Otway basin, South Australia.

Four potentially large prospects in the Pedirka Basin have already been identified, which require some follow-up work, including seismic data reprocessing and new seismic data acquisition, prior to drilling.

“The Pedirka Basin, a sister area of the Cooper Basin, has remained under-explored because of its remoteness to infrastructure,” Rawson said.

“However recent strong expansion of oil and gas pipeline infrastructure has increased the region’s commercial attractiveness.

“Several prospects in EP97 could contain significant oil and gas reserves. In particular the Dune West prospect is planned to be drilled in the 2006 calendar year.”

In the Otway, Rawson has run a surface soilgas survey over its main leads; and continues to compile lead maps from existing and new open file geological and geophysical data. It plans to drill wells in both of these permits next year.

Rawson has also farmed into two permits held by great Artesian Oil & Gas – ATP 552 in the Surat Basin, Queensland and PEL 107 in the Cooper Basin, South Australia.

Rawson will earn a 50% interest in ATP552P in the Surat Basin by drilling the Bellbird West Prospect. Rawson would drill at least one, and potentially two, wells in PEL107 where it will earn up to a 50% interest with a farm-in with Great Artesian and Beach Petroleum.

Rawson said it planned to be an aggressive explorer focusing on areas of high potential throughout Australia’s main hydrocarbon basins.

“As Australia is facing a period of declining oil reserves, and we believe that the oil and gas market will be vibrant for the foreseeable future, the company believes it is well placed to grow by a combination of successful drilling and sensible asset management,” Rawson said.

“Rawson expects that it will be able to find partners for many of its drilling programs in this expanding market place.”