Two former Tullow Oil employees unveiled plans to secure a stock market listing for their fledgling company, United Oil & Gas, through a reverse takeover of London-quoted Senterra Energy.

Dublin-based United Oil & Gas was set up two years ago by Irishman Brian Larkin, who previously held finance and commercial positions at Tullow Oil, and Briton Jonathan Leather, who held roles in the FTSE 250 oil group between 2007 and 2015, including membership of its global exploration leadership team.

Last July, United Oil & Gas bought a 26.3 per cent stake in a licence on an onshore oil field in the Wessex Basin in southern England, which includes access to what the company calls “significant” exploration opportunities. Last week, the company acquired a 20 per cent stake in an oil field licence in the Po Valley region of northern Italy.

“The downturn in the oil and gas market has presented debt-free market entrants, such as the UOG Group, with an excellent opportunity to build an exciting portfolio of assets,” said Mr Larkin.