1947 Oil & Gas to raise GBP30 million at IPO as London listing nears

1947 Oil & Gas PLC on Monday released further details on its planned London initial public offering, which is now expected later in September.

The oil and gas company, which intends to acquire and operate a portfolio of producing assets, previously said in early August that it planned to join AIM later that month, raising £50 million gross via the issuance of 500.0 million shares at 10 pence each.

1947's AIM schedule one update, released on Monday, gave the expected admission date of late September, and said the firm now expects to raise around £30 million upon admission.

The planned issue price is still 10 pence, but 1947 did not confirm the number of shares to be admitted. Additionally, it reiterated an expected market capitalisation of approximately £65 million.

1947 intends to "build a meaningful and scalable production base" using "mature, cash-flowing hydrocarbon portfolios that benefit from low-cost development opportunities overlooked by larger operators," it said. Upon admission to AIM, it will complete its agreed acquisition of Houston-based oil and gas producer Renaissance Offshore LLC, which has interests in 11 fields in the shallow-water Gulf of Mexico.

1947's board of directors includes Executive Chair Tim Duncan, who was previously chief executive officer of Talos Energy Inc; Chief Financial Officer Brian Romere, who has been CFO of Renaissance since 2011; and Chief Operating Officer Larry Tolleson, who also currently fulfills the same role at Renaissance.

The company noted that Duncan has a 1.1% stake in Renaissance, while Romere holds 6.3%, so both executives will receive a share of the net acquisition proceeds and an indirect interest in the consideration shares which will be issued to Renaissance.

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