Oil and gas explorer set to float on London and Dublin markets
Shareholders in T5 Oil & Gas have been told the company aims to float on the Irish and London Stock Exchanges in April.
The oil and gas explorer has hired Davy Stockbrokers and London-based boutique investment bank Hannam & Partners to advise it on the transaction, which will see it list shares on the Alternative Investment Market in London and the Enterprise Securities Market in Dublin.
T5 has written to shareholders, saying it will be seeking their approval for the transaction shortly. The company hopes to capitalise on the recent improvement in oil and gas industry conditions.
The London-based firm was set up by a group of Tullow Oil veterans.
It is run by executive chairman Pat Plunkett, who is also the chairman of Providence Resources.
Mr Plunkett was the chairman of Tullow Oil from 2000 to 2011, during which time the company went from a market cap of £275m to over £12bn.
He was a founder of Riada Stockbrokers, which was later bought by Dutch bank ABN-AMRO.
The company declined to comment for this story.
Its website says it is "in the early stages of building a publicly listed billion dollar Africa and Middle East E&P company - creating long-term value for our stakeholders".
The amount of money raised - and subsequently the valuation assigned to the company - will be determined by market conditions, as will the precise timing of the company's listing.
T5 owns 90% of an exploration block in Senegal in West Africa. Funds raised in the flotation would help with work on that asset as well as the pursuit of further acquisitions.