US Petroleum’s shares closed flat at 5.62p yesterday, in its first day of trading on AIM since its shares were cancelled in February to allow for its first acquisition in Nigeria.
The firm was yesterday re-listed as an investing company with no operations to allow the firm to change its investment strategy and pursue acquisitions, it said in a statement.
Shareholders approved the new strategy and readmission to AIM in a meeting on Wednesday.
Sirius’s plans to purchase a 40 per cent interest in the Ke oil field in Nigeria fell through in December, though Sirius has maintained that it could buy a stake in the future.
Sirius said in a statement yesterday that its first acquisition will take the form of a reverse takeover, but did not give any more details.