• 4 minutes U.S. Shale Output may Start Dropping Next Year
  • 8 minutes Read: OPEC WILL KILL US SHALE
  • 12 minutes Tidal Power Closer to Commercialisation
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 34 mins Trump to Make Allies Pay More to Host US Bases
  • 12 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 15 hours THE DEATH OF FOSSIL FUEL MARKETS
  • 8 hours Solar to Become World's Largest Power Source by 2050
  • 21 hours US-backed coup in Venezuela not so smooth
  • 23 hours Can OPEC CUT PRODUCTION FOREVER?
  • 20 hours Sounds Familiar: Netanyahu Tells Arab Citizens They’re Not Real Israelis
  • 2 days Will Trump Cave Again
  • 2 days European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 1 day War on Emissions Gains Traction
  • 13 hours Exxon Aims For $15-a-Barrel Costs In Giant Permian Operation
  • 2 hours Biomass, Ethanol No Longer Green
Analysts: Permian Oil Output Set To Double By 2023

Analysts: Permian Oil Output Set To Double By 2023

Some analysts believe that Permian…

The Most Important Technical Tool For Energy Traders

The Most Important Technical Tool For Energy Traders

Energy traders must constantly be…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Kuwait Energy Seeks London Listing, Hopes For $1B Valuation

London Stock Exchange

Exploration and production company Kuwait Energy is working with Bank of America on an initial public offering in London that could value the Middle East-focused group at US$1 billion, Bloomberg reported on Thursday, quoting people in the know.

Numis Corp is also helping Kuwait Energy with the possible IPO, which could take place as soon as the first half of this year. Still, no final decisions have been made yet, Bloomberg’s sources said.  

Kuwait Energy has reported average daily working interest production for 2016 at 24,573 boepd, down by 1.7 percent on the year, mostly due to a natural decline of production in Egypt and suspension of output in Yemen. The company is due to report financials for 2016 in April, while its latest income statement, as of September 30, 2016, showed a loss of US$12.4 million for the nine months through September, compared to a profit of US$15.5 million for the same period in 2015.

Kuwait Energy - which has exploration, production and development assets in Iraq, Egypt, Yemen, Kuwait and Oman – could be one of the big listings in London after the oil price crash in 2014.

Nigeria’s Seplat Petroleum Development Company was one of the last sizeable IPOs in London before the price of oil tumbled. In April 2014, Seplat Petroleum Development raised US$535 million with IPO on the Nigerian Stock Exchange and the London Stock Exchange.  

Related: Saudi King Goes East In Search Of Friends And Cash

More recently, US conventional gas and oil producer Diversified Gas & Oil PLC raised US$50 million last month when it started trading on London’s junior AIM market.    

With the recovery of the oil prices from early 2016 lows, more companies are likely to look to listings as a means of raising capital. On the other side of the Atlantic, for example, as many as 40 oil and gas companies could launch IPOs this year, as rising oil prices spark interest in new drilling, according to Tudor Pickering Holt & Co.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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