An Irish company that was formed in November to develop oil and gas reserves in the US has joined PLUS Markets.

An Irish company that was formed in November to develop oil and gas reserves in the US has joined PLUS Markets.

Sandhaven Resources, which plans to target assets in Colorado and Texas, raised £2.5 million through the admission.

The company raised its funds through issuing 2.5 million shares at 100p each to Calisto Investments.

Sandhaven is currently negotiating to acquire rights to start drilling in these two states to extract any reserves within them.

The company also plans to develop similar regional, basin centred, low risk geological formations in the US and elsewhere.

In addition to its main strategy of acquiring and exploiting its own oil and gas acreage it will acquire strategic stakes in companies with similar holdings where it believes it can assist in the development of the asset.

The company has already made its first strategic investment, when it bought a 26.1% stake in NT Energy plc where Sandhaven is planning to assist in the funding of its drilling and extraction programme.

It is believed that £750,000 of the finance raised through this admission will be used to provide a loan to NT Energy with the balance used as working capital and to buy oil and gas reserves.

It plans to raise further capital to buy and develop its oil and gas interests in due course.

Sandhaven’s financial adviser was Acorn Corporate Finance, led by director Harry Dutson.

“Sandhaven is an attractive company, which has got off to a good start on PLUS and we look forward to assisting it as it continues acquire and develop is oil and gas assets,” Dutson said.