The company will issue 26 million shares and will trade under the ASX ticker-code RAW, with trading to begin at 11.30am.

Executive chairman John Conolly said Rawson’s fast-tracked initial public offering had successfully raised capital and achieved shareholder spread.

"We felt that the credentials of our petroleum permits and the track record of our board and management meant there was little point in having a long-drawn out process," said Conolly.

"Our exploration program will start with the Cooper Basin, where we will immediately undertake a soil-gas geochemical survey within the ‘Rawson farm-in Block’ including data acquisition, processing and interpretation to identify where our first well should be drilled.”

He said Rawson had the option to drill up to three wells in PEL 107, held by Great Artesian and Beach Petroleum, where if successful, the company would earn 50% interest in any of the production licenses.

The company will also look at drilling in ATP 552 in the Surat during the first quarter of 2006, said Conolly. Under farm-in terms, Rawson would initially drill one well for a 50% participating interest."

Rawson has title to three petroleum exploration permits and has entered farmin agreements in two other permits

It has been awarded operatorship with 100% interests in EP97 in the Pedirka Basin, Northern Territory, as well as PEL 154 and PEL 155 in the Otway Basin, South Australia.

Through farmins, Rawson has also earned 50% interest in ATP 522P from Great Artesian Oil & Gas in the Surat Basin of Queensland, by paying 100% of the proposed Bellbird West-1 exploration well, and 50% interest in any hydrocarbon pool discovered in western PEL 107 in South Australia, for paying 100% drilling costs of up to three wells.