• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 2 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 3 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 4 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 5 days API Reports Huge Crude Draw
  • 5 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 5 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 6 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

How Robots And AI Will Transform Mining

How Robots And AI Will Transform Mining

The adoption of drones, robots…

IEA Dashes Bullish Sentiment In Oil

IEA Dashes Bullish Sentiment In Oil

Inventories have been falling and…

Kuwait Energy Files For IPO On London Exchange

Oil

Exploration and production company Kuwait Energy plc said on Wednesday that it would be seeking an initial public offering on the main market of the London Stock Exchange, thus confirming reports from March that it was working on an IPO in London.

Kuwait Energy is working with Bank of America on an IPO in London that could value the Middle East-focused group at US$1 billion, according to people familiar with the plans, Bloomberg reported in early March. Back then, the report suggested that the listing could take place as soon as the first half of this year.

Today, Kuwait Energy said in its filing to the London Stock Exchange (LSE) that it intends to apply for admission of ordinary shares to the premium listing segment of the London bourse. Kuwait Energy expects the admission to take place in June 2017, and that following the admission, the company will be eligible for inclusion in the FTSE UK Indices.

Kuwait Energy expects to raise gross primary proceeds of around US$150 million from an issue of new shares. The company would use most of the proceeds to continue developing its assets, especially those in Iraq that are seen as contributing significantly to growth.

Should the IPO be successful, Kuwait Energy will become Kuwait’s first company to have been listed in London.

According to the filing to the LSE, Kuwait Energy had a total average daily working interest production of 24,432 boepd last year, compared to 24,988 boepd for 2015. Group revenue was US$138.9 million in 2016, down from US$155.6 million in 2015, and operating cash flow before movement in working capital stood at US$77.2 million, compared to US$79 million in 2015.

Related: Saudis To Retain Full Control Over Aramco’s Oil After IPO

The LSE, for its part, is looking to attract more companies from the Middle East, following the collapse in EU listings after the Brexit vote. According to Reuters, LSE Group chief executive Xavier Rolet joined UK’s Prime Minister Theresa May on her visit to Saudi Arabia in early April, to try to court Aramco for its upcoming listing. Aramco has plans to list shares on one or more international markets.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Naomi on May 03 2017 said:
    If Kuwait would like to sell an interest in its oil fields does that imply Kuwait oil fields are tapped out?

    What is the value of a share in a business run at the whim of a monarch without recourse to rule of law? Share of what?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News