Australis steady on ASX debut

Subiaco-based Australis Oil & Gas has held its ground on its ASX debut, following completion of a $30 million initial public offering earlier this month.

Australis raised the funds through the placement of 120 million shares at 25 cents each.

At 1:30pm, its shares were worth 25.5 cents each.

The company was formed out of Australian success story Aurora Oil & Gas, which was sold for $1.8 billion in 2014.

The team behind Aurora subsequently reformed as Australis, including chairman Jon Stewart, chief executive Ian Lusted and finance director Graham Dowland.

Australis owns onshore tenements in the US and assets in Portugal.

The completion of the IPO, lead managed by Euroz Securities, follows completion of a $24 million private placement in January.