Senterra Energy, a company formed to undertake a single acquisition of a target oil and gas company, has been listed on the London Stock Exchange’s main market.
The company – trading under the TIDM code “SEN” – will focus on companies or assets with both existing production and sufficient development potential to make a significant increase in production.
Although all geographic regions will be considered, given the current political and economic situations in the Far East and Russia, the board believes it is less likely to invest in those areas.
Senterra expects to target an acquisition in the range of £1 million to £5 million within the next 12 months. The company’s intention is to acquire control of a business which would then constitute a reverse takeover under the listing rules.
Chairman Kurt Portmann, said: “We are pleased to have successfully concluded the admission and firmly believe that current market conditions present compelling opportunities to acquire a cash generative oil and gas company with strong upside potential.”
Any potential acquisition will be assessed on the existence of production to provide cash flow for the business; strong exploration potential in known oil and gas producing areas; the quality of the management and an established track record of developing oil and gas assets.
Senterra’s board comprises Kurt Portmann, Jeremy King and Alberto Cattaruzza who collectively have a proven track record of fundrasing for listed entities, and extensive experience and contacts within the oil and gas sectors.
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