Serica Energy has this morning formally announced it will apply for its shares to be transferred from AIM to the Main Market of the London Stock Exchange.
The move was described by Chairman David Latin as a "notable milestone" for Serica, which is set to end the year as the sixth largest producer on the UKCS, with a balance of gas and oil production.
It is expected to be complete by the end of October, with the listing on AIM to be cancelled concurrently with the admission to the Main Market.
Latin said: stated: “This is a notable milestone for Serica. The company has come a long way since listing on AIM over 20 years ago.
"Serica has progressed to become one of the leading independent producers in the UK North Sea, with material and growing production, strong cash generation, and the opportunity to deliver value for shareholders through both exciting organic growth opportunities and disciplined acquisitions.
"We have been proud to be part of AIM, and the move to the Main Market reflects the scale and maturity of the business today, supporting our ambition to deliver long-term value for shareholders through providing the platform to take our investment case to the widest possible audience.”
Admission to the Main Market is subject to FCA approval.
FSTE100
The UK's flagship share index, the FTSE 100, was down 11 points at 10,720 shortly after opening this morning.
Brent crude oil futures were up 1.54%, sitting at $98.94 a barrel this morning.
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