The company raised $44 million in the offer before listing on 22 May when it closed at a 6 per cent premium to its offer price of 25 cents a share.

“We have been involved in several floats in the resources space in recent times. Each one typically has its own interesting capital structure aspects,” said Bakers’ lead partner on the deal Richard Lustig.

“This offer was relatively unusual as it comprised a traditional partly paid issue, with a 25 cent payment up-front and a 15 cent balance payable in December 2007.

“As drilling is not commencing for several months, not all funds are required immediately. Accordingly this approach was taken in order to match investor interests with company requirements.”

Bakers said 3D Oil is a new listed explorer in the Gippsland and Bass basins located off Victoria and Tasmania, and is part of a new generation of oil and gas exploration and production companies.

“The successful debut of 3D Oil Limited shares is the first step along the pathway to becoming a significant Bass Strait oil producer,” said 3D Oil managing director, Noel Newell, in a statement to the ASX.

3D Oil will drill an “appraisal well” in the West Seahorse oil field discovery. The company holds 100 per cent of an exploration permit that covers that oil field.

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3D said the West Seahorse field contains “proved, probable and contingent” resources of 10.3 million barrels of “light sweet Bass Strait crude”.

Another drill will test the Sea Lion prospect, which is thought to contain up to 20.7 million barrels of oil.

Lustig was supported by Josephine Tan on the deal.

“Partly paid issues by companies, particularly underwritten issues, have been infrequent in non-stapled contexts in recent years,” added Lustig. “Maybe we will see a reversal of this trend.”