The company, which plans to list on April 24, has interests in permits in Africa, Europe and South America.

Key chairman Ted Ellyard, the former chief executive of Hardman Resources, thanked underwriters Blackwood Capital and Commonwealth Securities for allowing the IPO to be closed so quickly.

“We are delighted with the public interest … and the overwhelming response to the IPO, which included both Australian and international institutions,” he said.

“Preparatory work on the company’s projects is already in progress and following listing, the company will be able to commence drill testing of several projects during 2007.”

During his time at Hardman, the company’s value shot up from $5 million to $1.5 billion – mainly thanks to its key role in the Mauritanian oil and gas discoveries.

Ellyard is joined at Key by managing director and CEO Ken Russell, who was a founding director of Bounty Oil and Gas and has over 30 years experience in the international petroleum industry as an engineering and production technology specialist.

In addition, Key has recruited former Hardman exploration supervisor Terence Nielson as its technical director.

In its prospectus, Key said its short-term objective was to establish petroleum reserves that can be quickly brought into production.

In the company’s offshore Tanzania project, it has the right to earn a 20% interest by funding 30% of the cost of drilling two wells this year.

The Nyuni block is directly adjacent to the producing Songo Songo gas field and near the recently announced Mafia Basin, Mkuranga-1 gas discovery well.

In Italy, the company owns a 100% interest in the Borsano block in Po Valley, one onshore exploration permit and four offshore exploration permit applications. It plans to start drilling the Borsano block during the first quarter of 2008.

Key also holds a 1.75% interest in two prospective onshore exploration permits in Suriname, directly adjacent to the country's main producing oil fields, Tambaredjo and Calcutta.

These fields are operated by London-listed Tullow Oil, which recently acquired Hardman Resources in a $A1.47 billion takeover.