Shares in i3 Energy dropped this morning after the North Sea oil and gas explorer revealed plans for a secondary listing.
The firm is trying to raise funds for an appraisal drilling on its licences in the outer Moray Firth in summer.
It did not specify which stock exchange would be chosen, but plans to list by April 30.
The firm is already listed on the London Stock Exchange, where its share dipped 8.59% to 9.05p in early trading.
Based in Westhill, near Aberdeen, i3 also announced it had contracted Fugro for a site survey on its Serenity and Liberator West structures.
Work started late last month and will finish this month.
The survey will cover acreage omitted in last year’s site survey, making sure all potential drilling locations “remain targetable” for the drilling campaign, which remains subject to funding being secured.
Two wells drilled on Liberator last year did not meet i3’s expectations, but the latter showed potential in Minos High, or Liberator West, to the west of the licence area.
The company said last month that the entire Liberator structure could have about 400 million barrels of oil in place.
But i3 has higher hopes for nearby Serenity discovery, thought to contain 200m barrels.
I3 thinks Serenity is connected to the nearby Tain oilfield, which Repsol Sinopec Resources UK is assessing as a development option.
Majid Shafiq, chief executive of i3 Energy, said: “The team is very much looking forward to conducting a high-impact drilling campaign starting in late summer, and the ongoing site survey being conducted by Fugro will ensure we have the data required to appraise anywhere within the mapped extents of Serenity or Liberator.”