North Sea independent explorer Parkmead has joined an index of the top 100 companies listed on the stock market’s junior exchange.

The firm, which was taken over by chairman Tom Cross four years ago, became a member of the FTSE AIM 100 yesterday.

The firm has enjoyed double-digit growth in its share price each month of the last quarter with the value of its market capitalisation having breached £200million.

Last night, Parkmead’s shares closed down 5.6% to 277p.

Mr Cross has claimed he is on the verge of “creating the next Dana Petroleum”.

The millionaire oil boss built up and sold Dana for £1.7billion to Korea National Oil Corporation (Knoc) in 2010 before taking Parkmead to the stock exchange. Last month Mr Cross hailed his “most important deal” yet after the firm trebled its stake in the Athena North Sea oil field.

The company snapped up a 20% interest in the field from German utility firm Ewe Group in a cash and shares deal worth £6.8million.

The Aberdeen indy also unveiled a new gas discovery at Pharos in November and acquired Lochard Energy in July

The alternative market top 100 index is reviewed quarterly, and the list changes its constituent companies based on the value of their market capitalisation on January 10.