The company’s shares last closed at 20.5 pence (A48c). Oilex opened this morning on the ASX at 43c.

The dual listing, in which Oilex shares will also continue trading on the ASX, 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.

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 is focused on developing a strong position in the highly prospective hydrocarbon producing basins of the Indian sub-continent,” McCarthy said.

“The company is developing strong alliances with Indian companies and working closely with government authorities, with the clear objective of building a portfolio of exploration and production interests in India, that will provide a platform for high-potential growth.”