North Sea-focused Independent Oil and Gas is now a public company following a fully subscribed offer.

The business has raised £2 million and now has a market capitalisation of £14.2 million as it looks to acquire and commercialise proven oil and gas fields.

Already in place are three licences in the North Sea (Blythe, Skipper and Skipper West), which the company says have proven and contingent gas reserves.

Mark Routh, CEO of Independent Oil and Gas, comments, ‘We believe AIM will provide an excellent platform from which to deliver on our strategy of growing Independent Oil and Gas into a significant North Sea-focused exploration, development and production company.

‘[We have] assembled an excellent team, with a strong track record of creating value for investors.’

According to a statement, the aim now is to build on existing assets to achieve a ‘diversified and balanced portfolio’ of near- and long-term developments with exploration upside that complement the existing operations.