Petroleum Africa
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Thursday, September 6, 2012
According to investor sites the trading of Nigeria focused firm Eland Oil & Gas got off to a good start on their debut on AIM September 3. The stock was trading at 112 pence, up 12% on the placing price of 100 pence, at 10:30 am.
Eland raised £118 million, giving the company an initial market value of £135 million.
The proceeds will be used to meet the outstanding balance on the acquisition of a 45% stake in block OML 40, in the Niger Delta, which was jointly owned by Shell, Total and ENI. The company, along with partner Starcrest, spent $154 million on the block. The remaining stake in OML 40 is owned by Nigerian state-run firm NNPC.
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