The former team behind Faroe Petroleum, which was bought by Norwegian oil group DNO this year, raised the 10 million pounds (US$12.83 million) targeted in listing Longboat Energy on London’s AIM stock market, it said on Nov. 26.
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 E&P company on a relatively short time scale,” Longboat Chief Helge Hammer, a former Faroe COO, 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.
(US$1 = 0.7794 pounds)
The oil and gas rig count rose five to 402 in the week to Feb. 26, its highest since May, energy services firm Baker Hughes Co. said.
A Wolfcamp Shale discovery by Chevron, results from a PDC Energy Wattenberg Field venture in Colorado’s Weld County plus Antero Resources Marcellus completions in West Virginia top this week’s oil and gas drilling activity highlights from around the world.
Alongside a recently announced tax break, Lopez Obrador said Pemex would get support of around 100 billion pesos ($4.80 billion).