By the close of trade had stock had peaked at 24.5 cents with over five million shares traded, before settling at 24 cents.

“Strike Oil is now well placed to begin life as a public company in an environment where current oil prices have reached record highs and are expected to remain strong,” said Strike Oil chairman Jeff Schneider.

“As one of the few independent explorers to have a track record of successful exploration, a large portfolio of exploration acreage in oil productive basins in which to develop new drilling prospects and an imminent drilling program in place, Strike Oil is in a uniquely commanding position.

The IPO which closed oversubscribed, raised a total of $12 million. These monies together with existing cash reserves of around $5 million are intended to fund an intensive nine well drilling program on the company’s permits in the Carnarvon and Cooper/Eromanga Basins.

Since its incorporation in 1997, Strike Oil has assembled an extended exploration portfolio focusing on the near shore Carnarvon Basin, and onshore in the Cooper/Eromanga Basin.