Last month Marshall undertook a roadshow through Europe and the east coast of Australia to promote the well. He said there was a lot of private interest from fund managers.

"All monies are committed," he said. "Depending on rig availability it will be drilled late May or June. It will be either OD&E Rig 16 (currently stranded on the Patience well in the remote onshore Canning Basin) or Century Rig 24, which has been involved in nearly all the recent onshore Perth Basin successes."

The Eclipse prospect is budgeted at $4.2 million dollars. Marshall said the procurement of all the casing, tubulars, well head and associated equipment was already well underway.

"Landowner access has been completed also and the environmental management plan was virtually completed," he added. The allotment of the newly issued shares will be on the 25th March.

Marshall also said they were in active farm out discussions for the Leschenault well, in the southern Perth Basin, a shallow well planned for later in the year.