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Elephant Oil Corp., an independent E&P focused on unexplored regions of the west African nations of Nambia and Benin, filed for an IPO on the NASDAQ to raise $7.5 million, according to filings with the Securities and Exchange Commission (SEC).
The IPO follows California-focused E&P Trio Petroleum Corp., which priced its own IPO at $6 million in April. Trio Petroleum is led by CEO Frank C. Ingriselli, who also serves as a director for Elephant Oil Corp.
Elephant Oil signed a petroleum agreement with the southwest African country Namibia in 2021 for partial working interests in exploring more than 2.8 million inland acres. The agreement has a minimum exploration expenditure of $5 million. The company also signed a sharing agreement of more than 1.1 million coastal acres with Benin in west Africa in 2013. The Benin agreement provides for an initial exploration phase of three years with possible extensions of up to six more years.
Elephant Oil, not to be confused with the Dallas-based Elephant Oil & Gas, is based in Houston and incorporated in Nevada. Its July 21 SEC filing seeks to offer nearly 1.7 million shares, expected to be sold between $4 and $5 a share.
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