Kuwait Energy is to proceed with an initial public offering (IPO) to raise $150million for further developing Iraqi assets.
The independent Middle east and North Africa focused oil and gas company is to apply for its shares to be listed on the London Stock Exchange (LSE).
The group currently has ten exploration, development and production oil and gas assets across Egypt, Iraq, Oman and Yemen – six of which are currently producing.
The company is the operator of seven of these assets.
The Group’s 2P working interest reserves have increased from 18.1 mmboe nine years ago to 810.0 mmboe as at the end of 2016.
Total 2P net entitlement reserves have increased from 6.1 mmboe as at 31 December 2008 to 141.7 mmboe as at December 31, 2016.
Kuwait Energy has a total average daily working interest production of 24,432 boepd.
In a statement the company said the Directors of Kuwait Energy believe that this is an appropriate time to bring the group to the public markets to support and position the group for the continued growth.
The offer is expected to raise gross primary proceeds of approximately $150 million from an issue of new ordinary shares by the company.
This fund will be predominantly used to continue the development of the group’s assets, notably those in Iraq.
It is expected that admission to the LSE will take place in June 2017 and that the company will be eligible for inclusion in the FTSE UK Indices
Dr. Manssour Aboukhamseen, executive chairman of Kuwait Energy, said: “I am extremely proud to introduce Kuwait Energy to the London market. Since 2005, we have built a well-known and highly respected independent oil company with an experienced management team and track record of delivery.
“We are part of the communities in which we operate and our proven status as a trusted partner and a truly indigenous operator helps to de-risk our operations. I look forward to growing our company and sharing that success with both existing and new shareholders.”
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