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The Sydney-based company was formed in March 2006 by Longreach and its United States partners to acquire all shares in privately-owned International Energy Corp from Public Energy Corp.
It now holds six oil-producing assets in the state, which the company says are suitable for redevelopment.
"[The aim is to] gain significant production and exploration upside from implementing a low-cost reworking and the application of Radial Jet Enhancement Technology," the company said.
According to AusTex, previous applications of this technology have increased oil production by up to 10 times.
Eight months ago, the company started an initial 17-well rework program. It is making plans to begin a further 22-well program on listing.
Under its IPO, the company is aiming to raise $20 million, via the placement of 50 million shares at 40c each.
It plans to start trading on the Australian Securities Exchange on November 30.
In September last year, Well Enhancement Services granted AusTex the exclusive rights to use its patented Radial Jet Enhancement Technology in Oklahoma.
The technology allows operators to enter existing vertical oil wells and jet lateral channels into known oil producing zones.
After listing, AusTex aims to have a $49.08 million market capitalisation.
