North Sea operator Adriatic Oil has confirmed it plans to list on the AIM as it looks to raise new funds for its exploration projects.
The firm, which has conditionally secured an 80% farm-in of the Seaward production licence, along with operations in the North Celtic Sea, said it was looking to fundraise as part of its listing.
“The board believes that admission to AIM, coupled with a fundraising, would provide a platform for the company’s management team to develop Adriatic Oil into a more established company and provide shareholders with a more active platform to trade their shares,” said chief executive Bruno Muller.
“Since September 2011, Adriatic Oil has transformed into a company with a diversified portfolio of oil and gas exploration assets.
“With a management team with expertise in sourcing such projects, the board believes that a move to AIM is a natural step in the plans to further grow and diversify our asset portfolio to generate value for shareholders.”
Recommended for you
