1947 Oil & Gas confirms plan to list in London by end of August
1947 Oil & Gas PLC on Wednesday said it plans to float on London's AIM market by the end of this month.
The oil and gas company will focus on acquiring and operating a portfolio of producing assets in the US.
It is raising £50 million gross via the issuance of 500.0 million new shares at 10 pence each, and expects a market capitalisation of £65 million on admission.
The net proceeds of the fundraising, alongside net proceeds of 1947's pre-initial public offering fundraising of £7.2 million, will be used towards funding the acquisition of Renaissance Offshore LLC, a Houston, Texas-based oil and gas production company with interests in 11 fields located in the shallow-water Gulf of Mexico. It will become 1947's first producing asset upon admission.
On its website, 1947 Oil & Gas explains that the year 1947 was when the Kermac No 16 well was drilled in the Gulf of Mexico's Ship Shoal Block 32, becoming the first offshore oil well completed beyond sight of land.
Pertinently, 1947's chief financial officer is Brian Romere, the CFO of Renaissance Offshore since 2011. Further, Larry Tolleson, chief operating officer of Renaissance since 2014, also is COO of 1947.
Executive chair of 1947 Oil & Gas is Tim Duncan, who in the past served as chief executive officer of Talos Energy Inc, listed on the New York Stock Exchange.
Co-President & Founder is Ivan Murphy, executive chair of London-listed Harena Rare Earths PLC. Harena shares were up 9.1% to 2.40 pence in London midday Wednesday.
1947 commented on its listing: "The directors believe this combination of operational depth and financial market experience positions the company to execute on its strategy in a disciplined and value-accretive manner. There can however be no assurance that the company will realise the anticipated benefits following completion of the acquisition."
The company said it intends to adopt a progressive dividend policy, targeting its first interim payout after half-year results to June 2027.
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