Gneiss Energy’s Corporate Finance Director Paul Weidman featured on Energy Voice this week, discussing whether the Chrysaor – Premier Oil reverse takeover model could be replicated by other private equity backed firms in the North Sea who have been looking to IPO.
“Needless to say, the capital markets remain very difficult for E&P companies. The last significant IPOs in London were in 2018, with Energean and Jadestone. Before that was SEPLAT, which was in 2014.
Given the dearth of new capital for E&P companies, a merger with an existing listed company or RTO are viable alternatives for longer-term shareholder liquidity. Indeed, following Chrysaor’s merger with Premier, a similar path seems a sensible alternative for the relatively large pool of private equity-backed North Sea companies.
However, the universe of RTO candidates has diminished significantly.”
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