UK explorer Nordic Energy is aiming for a flotation in London as it pushes for an initial public offering in the second half of the year.
The northern Europe-focused player said it is in farm-out discussions and, as such, a listing on the city’s junior Alternative Investment Market (AIM) represented a “logical step”.
“The board believes that admission to AIM will assist the company in attracting investors, improve liquidity in its shares and allow it to raise additional capital when required,” the company said on Tuesday.
“Preparation for the move to AIM, together with an associated placing in which the company will seek to raise additional funds, is under way, albeit this remains at a relatively early stage.”
Nordic made no mention of how many or what proportion of its shares it intends to sell, or at what price.
Chief executive Rudolf Kleiber commented: "An AIM listing will support Nordic to grow and develop its assets becoming a more prominent player in the North Sea, a natural progression building on the success so far.”
Nordic secured its first acreage in September, becoming operator of the largest offshore licence in the Danish North Sea, with 11 oil and gas prospects ranging from potential resources of 805 million barrels of oil to 7.5 billion barrels, and 1.1 trillion cubic feet of gas to 7.3 Tcf. The company has recently provided a figure of 2.2 billion barrels of oil equivalent of potential resources net to Nordic.
The company was set up to have a focus on the UK, Norwegian, Danish and Dutch North Sea areas.