Shale gas and oil specialist floats in London

BRITISH shale gas firm 3Legs Resources has listed on London’s alternative investment market (AIM) in a deal valued at about £77.2m.

The firm, which specialises in the exploration and development of unconventional oil and gas resources, listed its shares yesterday at 190p per unit.

3Legs raised about £62.5m in new shares in order to exploit the commercial potential of a gas basin in Poland, where the majority of its operations are based.

Several selling shareholders, including father and son directors Robert and William Jeffcock, also sold shares valued at a total of £14.7m.

The listing price values the firm at approximately £161m.

Shale natural gas drilling has experienced a boom in the US in recent years, but development in Europe has been slow so far due to environmental confirms.

Chief executive Peter Clutterbuck said: “We have a substantial growth opportunity beyond the Baltic Basin, with over 1m additional gross acres held across Poland and Germany. I look forward to providing our shareholders with updates on our progress in due course.”