The SPAC—named Kimbell Tiger Acquisition Corp.—will target the energy and natural resources space in North America, said Kimbell Royalty Partners, which will control the company’s sponsor.
Neptune Energy was founded in 2015 with private equity backing from investors and has operations across Europe, North Africa and the Asia Pacific region.
Debt capital is on sale, and public equity markets aren’t closed to oil and gas operators either. Some just don’t have any use right now for the cash—that is, a use that investors would support.
Blackstone-backed natural gas explorer Vine Energy’s stock opened at $13.75 per share, giving the company a valuation of $952.7 million.
The new entity will raise money from investors in an IPO, which will form the basis of a war chest to buy a privately-owned clean energy business, sources said.
The proceeds from Saudi Aramco's record IPO have risen to $29.4 billion after the oil company exercised an option to sell 15% more stock, an executive at one of the banks leading the deal told Al Arabiya news channel.
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
Saudi Aramco has received bids for its shares totaling $44.3 billion so far, lead manager Samba Capital said on Nov. 29, putting its initial public offering on track to be over-subscribed.
Saudi Aramco's weighting in Saudi Arabia's main stock index once the oil giant has listed shares is not expected to breach the maximum limit set by the Gulf kingdom's Tadawul exchange, a senior executive said on Nov. 24.
Saudi Aramco is worth up to $1.7 trillion at the price range set by the oil giant on Nov. 17, below the $2 trillion sought by Saudi's crown prince but putting it in the running to become the world's biggest IPO.