Petroneft Resources, the Dublin-based oil exploration company with interests in Russia, is to list on the IEX and the AIM markets in London.
The company, which has licences covering 4,991sq km (1,927 square miles) in western Siberia, said it plans to raise $15.5 million (€12.2 million) when it lists later this month.
The funds will be used to meet the exploration and development costs. These include drilling two wells on a proven oilfield in an area known as licence 61 to define reserves and also carrying out a production feasibility survey.
Another well will be drilled on a prospective field and 500 kilometres of seismic work will be done.
The company is chaired by David Golder, a former Marathon Oil executive and its chief executive is Dennis Francis, who also worked for Marathon. David Sanders, another former Marathon executive, is general legal counsel.
Desmond Burke, the former managing director of Ormonde Mining, is the director of planning and investor relations, while Thomas Hickey, the chief financial officer of Tullow Oil, is a director.
Vakha Sobraliev, a Russian businessman with interest in oil and gas well drilling, is also on the board. The management of the company's operating subsidiary in Russia, Stimul-T, are former executives of JSC Tomskneftegazgeoligia, which was a state-owned exploration agency in the region.
