Sylvan has unveiled plans to join AIM later this month in a move that would value the US onshore oil and gas business at around £60 million.

Pennsylvania-based Sylvan has a portfolio of 2,500 drilling location spanning 25 projects in three areas.

The AIM hopeful plans to deliver value to shareholders by generating a sustainable revenue base following the drilling of low risk development oil wells – initially in the Appalachian Basin.

In the first year post flotation, Sylvan has earmarked an aggressive drilling campaign of 130 wells, which it hopes will lead to estimated daily production of 2,000 bopd or $20 million (£12.7 million) of revenues. Since 2007 it has invested over $41 million in its portfolio of projects, and has the rights over 70,000 acres (valued at $238 million).