1947 Oil & Gas "thrilled" as lists in London with GBP65 million value

1947 Oil & Gas PLC started trading on the AIM market in London on Monday with an opening market capitalisation of £65 million.

Shares in the oil and gas company, which intends to acquire and operate a portfolio of US-based producing assets, started trading at the London market open.

The stock was down 2.5% at 9.75 pence late on Monday morning in London.

1947 said it issued 500.0 million new shares at 10 pence each, worth £50.0 million, as part of its AIM listing.

This comprised of 202.5 million shares issued to Renaissance Offshore Holdings LLC to pay for the acquisition of Houston-based oil and gas producer Renaissance Offshore LLC and the sale of 297.5 million shares to new investors. The acquisition of Renaissance Offshore completed upon admission of the shares to AIM.

In total, 1947 will have 651.1 million shares in issue, giving it a market capitalisation of £65.1 million at the issue price.

1947 noted the Renaissance acquisition represents its first asset, "and provides an immediate, material production base from which to pursue its broader growth objectives". The "combination of operational depth and financial market experience positions the company to execute on its strategy in a disciplined and value-accretive manner", it said.

Renaissance has interests in 11 fields located in shallow-water of the Gulf of Mexico.

1947 said it intends to use the net proceeds from the placing, as well as those remaining from its pre-initial public offering fundraise, towards funding the cash consideration due for Renaissance. It will use the rest for working capital and to cover admission costs.

"We are thrilled to have completed our IPO and the corresponding acquisition of Renaissance Offshore in Houston," Co-President & Co-Founder Ivan Murphy commented.

"We have been working very closely with the Renaissance team for the last two years and bringing together such an experienced operational team gives us the perfect platform on which to consolidate production assets around the Gulf of America.

"With my co-founder Jeff Currie, and Tim Duncan our executive chairman, this marks a first step in our vision to build a meaningful oil production company in the US in what we expect to continue to be a strong oil price environment."

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