Anglo African Oil and Gas made its debut on London’s junior market yesterday as it raises cash to buy majority rights to a field in the Republic of the Congo, The telegraph reported.
According to Yahoo Finance, The Company has raised around $10.5m in an oversubscribed placing on Aim to fund its acquisition of a 56pc stake in the Tilapia oil field.
Anglo African is going public in the wake of three other small energy companies in recent weeks. Investors’ confidence in the sector is slowly returning after a crippling oil market downturn, and market sources expect they will pave the way for larger market offerings later this year.
Anglo African said it plans to complete its acquisition within days of its listing and claims it will begin boosting production from the area before the end of the month. The field holds proven resources of 8.1m barrels and a potential 58.4m barrels.