The former team behind Faroe Petroleum, which was bought by Norwegian oil group DNO this year, raised the 10 million pounds (US$12.83 million) targeted in listing Longboat Energy on London’s AIM stock market, it said on Nov. 26.

The shares are expected to start trading in London’s small-cap AIM market on Nov. 28, after institutional investors subscribed to the listing with 9.2 million pounds in addition to capital invested by the founders.

“There is a unique opportunity at present to build a meaningful North Sea E&P company on a relatively short time scale,” Longboat Chief Helge Hammer, a former Faroe COO, said in a statement.

Former Faroe CEO Graham Stewart is Longboat’s non-executive chairman.

DNO secured control of Faroe in January, a day after raising its hostile bid for the British company to 641.7 million pounds.

(US$1 = 0.7794 pounds)