Dial Square Investments PLC (LSE:DSI), a special purpose acquisition vehicle, said it will 'reverse' into EnergyPathways PLC (AIM:EPP), which is targeting UK gas assets.
The plan is to raise a minimum of £2 million to finalise the acquisition of EnergyPathways and its admission to the AIM market, subsequently renaming the entity EnergyPathways PLC (AIM:EPP).
The funds will advance the Marram Gas Project, off the northwest coast of England, towards a final investment decision next year. Estimated to contain 35.3 billion cubic feet (Bcf) of proven and probably (2P) reserves, Marram is expected to deliver first gas by 2025.
At the same time, the company wants to expand its portfolio in the UK East Irish Sea. The first day of dealing on AIM is scheduled for 14 December under the ticker of 'EPP'.