Dubai-based Indago Petroleum said on Tuesday it planned to list on London's AIM stock market by the end of November, in a flotation which one source said would value the oil and gas exploration firm at over $400 million.

Indago plans to raise about $100 million by issuing new shares as part of the initial public offering, the source close to the company added.

"The funds raised will be used to progress the exploration and development of Indago's petroleum assets, provide the Group with additional working capital to execute its business strategy and repay certain loans to Meridian Capital CIS Fund," Indago said in a press release.

Indago, which has exploration and development assets in Oman and the United Arab Emirates, was originally part of Novus, an Australian oil and gas company.

It is 69 percent owned by Meridian Capital. Silk Route Petroleum owns 21 percent and the remainder is held by management.

Copyright Reuters, 2005