The application is being made under the fast-track route for AIM admission, which is available to Oilex due to its existing ASX listing. The company said it expected the AIM listing would take place towards the end of February.

The proposed AIM listing is intended to broaden Oilex’s shareholder base and offer investors in the UK and European markets easier access to the Company’s securities, according to managing director Bruce McCarthy.

“The dual listing is expected to improve the Company’s flexibility and access to the UK capital markets for any capital raisings that may be required to develop its future oil and Gas exploration and production activities in India and Australia,” McCarthy said.

Since McCarthy, a former Cairn Energy India president, took over the helm of Oilex early last year, the company has moved quickly to take up Indian acreage and set up strategic alliances in that country.

Oilex has appointed RFC Corporate Finance as its nominated adviser; London broker KBC Peel Hunt Ltd has been engaged as the Company’s AIM Broker in the UK.

The company’s ordinary shares will continue to be listed on the Australia Stock Exchange

As part of the dual listing process, and pursuant to the AIM Rules, all of the directors and their associates have also agreed not to dispose of any of their securities in Oilex for one year from date of admission to AIM.