A company hoping to develop a North Sea oil business has successfully floated on London’s Alternative Investment Market (AIM).
Trap Oil has raised £60million before expenses through a placing of 139,535,000 new ordinary shares at 43p per share.
At the placing price, the company has a market capitalisation of £78.3million on admission. The net proceeds of the placing will be used to provide financing for the firm’s planned development and acquisition programme in the UK North Sea and for working capital purposes.