T5 Oil and Gas, the exploration investment firm headed by former Tullow Oil executives, has designs on becoming a publicly listed “multibillion-dollar” company and is targeting completion of its first reverse takeover deal before the end of this year.

T5 Oil and Gas — the Dublin and London-based exploration firm headed up by former Tullow Oil directors — is expected to take control of loss-making UK explorer Gulf Keystone before the summer.

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