.jpg)
1 hour ago
3
Article content
(Bloomberg) — Jeff Currie, the former Goldman Sachs Group Inc. commodities chief whose calls made him one of Wall Street’s best-known energy market strategists, is preparing to raise £50 million ($67 million) in a London stock market listing to build an oil producer in the Gulf of Mexico.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
1947 Oil & Gas Plc is preparing to offer shares at about 10 pence each ahead of a planned listing on London’s Alternative Investment Market next month, according to documents seen by Bloomberg. At the offer price, the company would have an implied market capitalization of about £64 million.
Article content
Article content
Article content
A spokesperson for the company declined to comment.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The listing comes as 1947 pursues a $65 million acquisition of privately held Renaissance Offshore LLC, which produces about 3,350 barrels of oil equivalent a day from shallow-water fields off Louisiana.
Article content
Currie, who spent more than two decades at Goldman before joining Carlyle Group Inc., is a founder and non-executive director of the company. He is joined by executive chairman Tim Duncan, the founder and former chief executive officer of Talos Energy Inc., the Houston-based offshore producer.
Article content
Former Cove Energy founder Ivan Murphy serves as president of the firm. Brian Romere, Renaissance’s president and finance chief, would assume the same roles at 1947 after the acquisition. The company says it intends to use Renaissance as a platform for further acquisitions of mature assets in the Gulf, seeing opportunities in smaller fields overlooked by larger producers.
Article content
1947 Oil & Gas is built around Currie’s long-held view that years of under-investment have left oil markets structurally tight. Company materials seen by Bloomberg argue that the recent Middle East conflict has accelerated this trend and increased the value of US oil production.
Article content
Renaissance holds interests in 11 producing fields, 23 offshore platforms and 88 active wells, which 1947 estimates could generate more than $150 million of operating cash flow through the end of 2028.
Article content
1947 is the year that the first offshore oil well was drilled in the Gulf of Mexico beyond sight of land, the company said. Even though the shale boom is what pushed US crude production to No. 1 in the world, the country’s offshore output remains a key source of growth. Production in the Gulf is currently about 2 million barrels a day, 15% of total US oil output.
Article content
English (US)