A new gas play has joined London’s junior market following the ‘reverse’ of EnergyPathways PLC into Dial Square Investments PLC (LSE:DSI).
The transaction raised £2 million, giving the newly listed business a valuation of £6.32 million.
On paper, this looks like a bargain valuation given EnergyPathways has a fully appraised gas field in the UK portion of the Irish Sea.
Containing up to 35.3 billion cubic feet (Bcf) of undeveloped gas, the Marram Project is a low-cost development that has the potential to grow its reserves base.