Aim of raising around $500m
Oil and gas explorer Energean is planning for a London stock market listing in March, with the aim of raising around $500m (£357m), according to a statement released today.
The eastern Mediterranean specialist said its most significant undeveloped assets lie in gasfields off Israel, where it notes that the government is keen to push development. It will also consider a secondary listing in Tel Aviv.
Funds from the listing would flow mostly into Israeli projects, with $10m for the founders and some earmarked for fees and other corporate purposes.
CEO Mathios Rigas has stated: “Over the past few years, Energean has built a strong production, development and exploration portfolio in the Eastern Mediterranean to position itself as one of the leading independent oil and gas companies in the region. The current, advanced plans for the development of the Karish and Tanin fields, offshore Israel, together with the significant development programme for the Prinos licences in Greece, have given us considerable momentum in our progress towards achieving this objective.
The Offer will provide us with a platform to secure this next phase of growth for our pipeline of attractive exploration projects.”