Adriatic Oil seeks Aim listing

Oil and gas explorer Adriatic Oil today said it was planning to list on the Alternative Investment Market (Aim) as part of its fundraising efforts.

The firm, which is active in the Celtic Sea, Moray Firth and off the coast of Albania, is currently quoted on the ISDX Growth market but chief executive Bruno Muller said a move to Aim would “provide shareholders a more active platform to trade their shares”.

North Sea-focused Independent Oil & Gas recently raised £2 million by floating on Aim.

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Muller said: “Since September 2011, Adriatic Oil has transformed into a company with a diversified portfolio of oil and gas exploration assets.

“With a management team with expertise in sourcing such projects,the board believes that a move to Aim is a natural step in the board’s plans to further grow and diversify our asset portfolio to generate value for shareholders.”