September 7, 2018 / 7:06 AM / 13 days ago

Oil firm Okea plans $13 mln share issue and Oslo IPO

OSLO, Sept 7 (Reuters) - Oil company Okea, backed by private equity firm Seacrest Capital, plans to raise $13.1 million in a private placement of shares and to list on the Oslo Stock Exchange within the next 12 months, it said on Friday.

Okea was established in 2015 to focus on the Norwegian continental shelf.

In June, Okea agreed to buy Norske Shell’s assets for 4.5 billion Norwegian crowns ($535 million), giving it a producing portfolio of about 20,000 barrels of oil equivalents per day.

The transaction is fully funded, in part by a 1.04 billion crown underwritten equity commitment from the current majority owner Seacrest Capital Group and co-investor Bangchak Corporation.

“The proceeds from the Private Placement will be used for working capital prior to closing of the Shell Acquisition, including the continued expansion of Okea’s business through strategic and structural opportunities, transition costs related to the Shell Acquisition and general corporate purposes,” Okea said.

Pareto Securities AS and SpareBank 1 Markets AS are acting as managers and bookrunners of the private placement.

$1 = 8.4130 Norwegian crowns Reporting by Ole Petter Skonnord; Editing by Mark Potter

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