T5 Oil & Gas sizes up targets

Irish exploration firm T5 Oil & Gas is understood to be sizing up a number of targets for a potential reverse takeover.

The company — established by five former Tullow Oil executives and headed by that company’s former chairman, Pat Plunkett — currently has a small number of assets in Senegal and had been linked with a possible listing on London’s AIM market last year.

Yesterday, it distanced itself from speculation linking it with a takeover bid for London-based explorer Afren by stating it has no such plans. However, it is understood that other struggling targets, lending themselves to the prospect of a reverse takeover and enabling T5 a cheaper route to public ownership, are actively being examined.