November 26, 2019 / 12:32 PM / 18 days ago

Ex-Faroe Petroleum team raises around $13 mln in London IPO

LONDON, Nov 26 (Reuters) - The former team behind Faroe Petroleum, which was bought by Norwegian oil group DNO this year, raised the 10 million pounds ($12.83 million) targeted in listing Longboat Energy on London’s AIM stock market, it said on Tuesday.

The shares are expected to start trading in London’s small-cap AIM market on Nov. 28, after institutional investors subscribed to the listing with 9.2 million pounds in addition to capital invested by the founders.

“There is a unique opportunity at present to build a meaningful North Sea (exploration and production) company on a relatively short time scale,” Longboat Chief Helge Hammer, a former Faroe chief operating officer, said in a statement.

Former Faroe CEO Graham Stewart is Longboat’s non-executive chairman.

DNO secured control of Faroe in January, a day after raising its hostile bid for the British company to 641.7 million pounds.

$1 = 0.7794 pounds Reporting by Shadia Nasralla; editing by Jason Neely

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below