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US oil firm Rock Well plans London IPO
Thu, 20 Nov, 2008
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US oil firm Rock Well plans London IPO
Mon, 7 Jul 2008, 11:10:00
North American-based oil development and production company <b>Rock Well Petroleum</b> plans to list on the main market of the London Stock Exchange.<br /><br />The company will offer new and existing shares to certain institutional and other investors in the United Kingdom and elsewhere.<br /><br />Rock Well did not comment on how much it plans to raise but said it intends to use the proceeds of the offer to fund net operational expenditure and acquire majority working interests in additional North American oil fields.<br /><br />"Following the IPO, Rock Well will optimize the development of its existing assets, with over 320m barrels of net proved and probable reserves, and further grow its reserve base through acquisition," said chief executive John Hoak.<br /><br />"The group has a growing portfolio of long-duration assets located in a stable political environment with access to infrastructure and increasing demand for domestic supply. With our focus on low cost, non-conventional oil exploitation, Rock Well offers a clearly differentiated play compared to the London main market listed oil and gas peer group," he added.<br /><br />Numis Securities Limited is acting as sponsor, global co-ordinator and joint bookrunner alongside Merrill Lynch International.<br />
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