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Kea heads for Aim float
Tue, 07 Feb, 2012
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Kea heads for Aim float
Mon, 25 Jan 2010, 08:02:00
<b>Kea Petroleum</b>, a recently formed New Zealand-focused oil and gas exploration business, is heading for an AIM listing after it completes a £6m placing with institutional investors. The company owns three petroleum exploration permits in the Taranaki and Northland Basins of New Zealand and is run by the team that ran AIM-listed Rift Oil, which was acquired by Talisman Energy Holdings Ltd in 2009. Since incorporation in September 2009, the company has already raised approximately £7.2m in pre-IPO funding. The initial plan is to build a business where existing and lower risk new discoveries can be rapidly brought on-stream, by utilising the well-established local infrastructure and market, Kea said. The region is moderately mature for exploration, but the variety of exploration targets and complexity of the geology mean that significant further reserves continue to be found and developed, it added. Kea has identified two particular niches which it feels well suited to exploit in its permit areas PEP 51155 and PEP 51153, on the lightly explored eastern margin of the basin.
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