Perth-based oil and gas explorer Promesa has made a quiet debut on the Australian Securities Exchange.

The Perth-based company's share price opened at its issue price of 20 cents but closed down three cents at 17 cents with 360,200 units changing hands.

Upon listing, Promesa had 33,687,500 shares on issue.

In its prospectus, the company offered 12.5 million shares at 20 cents each, and said it might also accept applications for a further 2.5 million shares, also at an issue price of 20 cents.

The funds were to be used for the company's Atocha gas project and Four Rivers oil project in the United States, the prospectus said.