Bid & Tender
Kuwait Energy Intents to List on London Stock Exchange

Date : May 11, 2017

Independent energy producer, Kuwait Energy, has announced its plans to be listed on the London Stock Exchange in June 2017 with the launch of an initial public offering and hopes to raise about $150 million.

 

The firm said that it was the right time to bring the Group to the public market to support and position the firm for the continued implementation of its growth strategy.

 

The IPO is expected to raise gross primary proceeds of approximately $150 million from an issue of new Ordinary Shares by the Company, which will be predominantly used to continue the development of the firm's assets, notably those in Iraq which are expected to significantly contribute to Kuwait Energy's future growth.

 

Sara Akbar, Chief Executive Officer of Kuwait Energy, added:  “We are delighted to announce our intention to list on the London Stock Exchange, the natural home for Kuwait Energy. We are already producing close to 27 kboepd in the first quarter of 2017, with a strategy in place to increase that production rapidly, particularly through our Block 9 asset in Iraq which, management believes, has some of the most favourable fiscal terms in the region."

 

Kuwait Energy was founded in 2005 and has 10 exploration, development and production assets in Egypt, Iraq, Oman and Yemen, seven of which it operates, it said in the filing. It produced 24,432 barrels of oil equivalent a day last year compared with 24,988 barrels a day in 2015.

 

Dr. Manssour Aboukhamseen, Executive Chairman of Kuwait Energy, added: “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.”

 

Kuwait Energy was founded in 2005 and has 10 exploration, development and production assets in Egypt, Iraq, Oman and Yemen, seven of which it operates, it said in the filing. It produced 24,432 barrels of oil equivalent a day last year compared with 24,988 barrels a day in 2015.