African exploration company Cap Energy is looking to shift its listing to a more high profile junior stock exchange after a major acquisition.
The firm yesterday revealed plans to move from the Icap Securities and Derivatives Exchange (ISDX) to rival plaform the alternative investment market (AIM), the firm’s chairman announced at its AGM.
The decision follows a successful acquisition of a 49% stake in Block Djiffere, offshore Senegal, in February this year.
This added to the firm’s portfolio comprising of two exploration licences offshore Guinea-Bissau.
Cap acquired block 1 (Corvina) and block 5B (Becuda) a year earlier via the buyout of majority shares at Sphere Petroleum Corporation, who held 35% interests in the two licences.
“I am pleased to report that Cap Energy has continued to develop its portfolio with the acquisition in February this year of a substantial interest in Block Djiffere, offshore Senegal,” said Tim Hearley, Cap Energy’s chairman.
“Not only has this given us a third asset where we partner Rex International and get the benefit of its proprietary exploration technology, but it has allowed us to spread both the political and exploration risks of the portfolio.
“Following consultation with various advisers, the board of Cap Energy now believes that the company has the right profile to enable a successful move to AIM.
“It has therefore put into motion the necessary processes and procedures to make the move to AIM as soon as is feasible.”
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