London’s AIM market is set to welcome a new entrant to its oil and gas sector as Louisiana based Azalea Energy Plc announced plans to join later this month,
Azalea told London investors that it expects to raise up to $38mln of new capital via its AIM float, which would take the group’s valuation above $100mln.
It has some 2,200 barrels oil equivalent per day of net production, and, boasts 18.5mln barrels oil equivalent reserves plus some 57mln barrels worth of contingent resources.
The company said it is following a ‘low-risk strategy’ to acquire, develop and manage conventional and unconventional oil and gas production.
There’s a catalogue of undeveloped resources and exploration opportunities within its existing asset base.
Chief executive Luis Banos said: "Our technology has identified a multiplicity of high impact, relatively low-risk prospects within our development assets.
“The use of the proceeds from a listing in London will allow us to significantly upgrade the company's production profile in a short space of time and build on the company's strengths, particularly in the application of cutting-edge technology to our assets."
The new listing is to be run by Cantor Fitzgerald which has been named as the broker and nominated advisor to the company.