KEY POINTS:
New Zealanders bought about 45 per cent of the shares offered in a A$20 million ($23 million) share sale by L&M Petroleum.
The money raised will be used for drilling 11 exploration wells in two onshore permits in Southland in the next two years, reports say.
L&M Petroleum's offer of 100 million shares at A20c each closed fully subscribed just before Christmas.
The shares will be listed on the ASX and NZX.
L&M Petroleum is an offshoot of the L&M Group.
