DART Energy, one of the few companies that currently has licences to explore for shale gas in the UK, is planning to float on London’s Aim next month.
The firm, which is already listed on the Australian Securities Exchange, expects to be admitted to Aim on 12 May, as it looks to broaden its investor base. No new shares will be issued.
“A dual listing is a logical and value-adding step, given that Dart Energy’s prime assets are in the UK, most of our business is now in the UK, and UK investors understand and value the transformational potential of that country’s shale gas resource,” said chairman Rob Neale in a statement.
In the UK Dart Energy has a total of 24 exploration and development licences for the Cheshire basin, the East Midlands and Humberside basin, the Scottish Midlands and the Solway basin, as it hopes to tap into the country’s burgeoning shale gas industry.
Pinsent Masons is advising Dart Energy, alongside Grant Thornton and Macquarie Capital.
“UK government support for the development of shale gas has opened up new opportunities for energy companies,” said Alan Diamond, partner at Pinsent Masons. “The Aim has shown itself to be a natural home for entrepreneurial oil and gas businesses which are capital intensive during the exploration phase.”