Guildford’s shares reached a high of 21c, but closed at 18c with 4.3 million shares changing hands.

The company has secured tenements covering around 21,000 square kilometres of the Galilee, Eromanga, Bowen, Surat and Maryborough basins in Queensland.

TESA Group founder Craig Ransley is the non-executive chairman, Michael Avery is managing director and company secretary, and Mike Chester is non-executive director.

Guildford’s largest shareholder with 55.55% is TheChairmen1, which sourced the company’s projects.

The company raised $30 million from seed investors, who hold 41.6%, and $2 million under the initial public offering.