• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 7 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 7 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 22 hours Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 16 hours Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 25 mins Apple Boycott in China
  • 19 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 7 hours California's Oil Industry Collapses Despite Shale Boom
  • 20 hours Another surprise 'build'
  • 20 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 19 hours IMO2020 To scrub or not to scrub
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 days Some Good News on Climate Change Maybe
  • 20 hours Global Warming Making The Rich Richer
Who Is Winning The Offshore Solar Race?

Who Is Winning The Offshore Solar Race?

Some of Asia’s biggest economic…

Peak Gasoline Vehicles Is Already Here

Peak Gasoline Vehicles Is Already Here

Vehicles with internal combustion engines…

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