Ophir Energy to Raise $375 Million in IPO for Africa Drilling
Stock Chart for Ophir Energy PLC (OPHR)
The initial public offering will value the company at $1.3 billion, with 29.4 percent of the shares on offer at 250 pence each, the company said in a statement.
Ophir, run by former Goldman Sachs Inc. investment banker Nick Cooper, is taking advantage of a boom in African oil and gas exploration. East Africa may be the biggest exploration region for a decade as bigger companies acquire assets that can provide liquefied natural gas to Asia, Citigroup Inc. analyst Michael Alsford said this week.
“We are extremely pleased with the demand and reaction shown by investors to Ophir in what is a challenging stock market environment,” Managing Director Cooper said in the statement. “We are delighted to welcome a range of blue-chip investors to our share register, joining our existing shareholders who have diligently supported us throughout the company’s development.”
Cooper was formerly a geophysicist at BG Group Plc (BG/) and Amoco Co., as well as a member of the oil and gas team at Goldman Sachs. He joined Ophir last month.
Credit Suisse, JPMorgan Cazenove and RBC Capital Markets are bookrunners for the IPO. Standard Bank Plc and Oriel Securities Ltd. are advisers.
To contact the reporter on this story: Brian Swint in London at firstname.lastname@example.org
To contact the editor responsible for this story: Will Kennedy at email@example.com
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.