The fundraising, which CEO Peter Buchanan says was oversubscribed, will allow Valiant to continue developing four separate fields in the northern North Sea in which it has interests ranging from 14 to 40 per cent.

Two of the fields are targeting production in the first half of 2009, while development plans for the other two will be submitted to the UK Government later this year.

In addition to the proceeds of the IPO, Valiant will be able to call on a further £63 million of equity raised from institutional investors prior to its flotation, and $245 million (£121 million) of debt from Bank of Scotland.

Buchanan comments: ‘We are extremely pleased with the results of our oversubscribed fundraising and listing on AIM, especially given recent volatility in the global equity markets.’

Valiant’s nominated adviser and broker is Oriel Securities, while Tristone Capital acted as global bookrunner and broker.

The company is based in Woking and employs 16 people.