Oil and gas explorer and producer, Exona Energy Limited (EXE) fell 11% on its debut on the Australian Stock Exchange on Tuesday.
Shares in the Perth based company opened at 17 cents, its highest point on the day, before sliding down to close at 15 cents, a 25% discount to its offer price of 20 cents per share.
More than 1.6 million shares changed hands.
Exoma is onshore North American focused oil and gas company with agreements in place for its US subsidiary to acquire producing assets with development upside and to participate in a number of medium to high impact exploration wells.
Producing assets to be acquired consist of 6 wells across 13,453 acres in Oklahoma and Texas currently producing 1,434 MCFD of gas and 40 BOPD gross.
The company said it has a balanced drilling program to participated in the development of well/s in the Anadarko Basin leases and in up to three exploration wells through 2008.
