UK registered firm Louisiana Oil & Gas (LOG) has joined PLUS, raising £250,000 for working capital and giving the company a market cap of £1.68 million.

UK registered firm Louisiana Oil & Gas (LOG) has joined PLUS, raising £250,000 for working capital and giving the company a market cap of £1.68 million.

LOG mainly invests and operates oil and gas production plants in the US. The company’s strategy is to acquire mature assets with known reserves and then revitalise them. With the funds raised on PLUS, it intends to diversify its expansion through further acquisitions and joint ventures.

Legal firm Irwin Mitchell advised LOG on the deal and was led by partner Ian Roberts and assisted by Patricia Patron.

City and Merchant Group was financial adviser for the flotation and fund raising, and was led by David Papworth.

The City and Merchant team was introduced to the deal through ts previous experience of bringing companies onto PLUS and its ability to raise funds in the sub-£20 million market cap sector.

“We’re pleased to be involved in launching LOG onto PLUS, and placing the £250,000 prior to the float,” said Tim Lyle from City and Merchant Group, who also advised on the deal.

“The deal highlights the company’s intentions to continue expansion into the US market and diversify its investment strategy,” he added.

LOG has acquired three wells in Louisiana since it was set up by CEO David Parlons in 2004.