A recently established oil and gas company has raised some £15 million after it joined AIM as part of a dual listing.

A recently established oil and gas company has raised some £15 million after it joined AIM as part of a dual listing.

Enegi Oil, which identifies, develops and operates hydrocarbon interests in the proven petroleum region of western Newfoundland, Canada, simultaneously listed on the Bourse de Luxembourg.

The Manchester-based company’s shares were valued at 181p each, which has given the company a market capitalisation of some £55 million.

Enegi will use the proceeds to buy working interests in oil and gas assets, as well as for working capital.

The IPO was managed by nominated adviser Cenkos Securities plc, which was also joint broker with Fox-Davies Capital.

Enegi chief executive Alan Minty said he is delighted with the response during its fund-raising road show. “We have an exciting portfolio of assets in an underexploited region and our admission to AIM and the Bourse de Luxembourg will enable us to move forward in our development.

“It will also provide us with the funding required to carry out our strategy whilst also taking full advantage of the opportunities that we believe are inherent in a consolidating oil and gas industry,” he added.