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Neptune Energy ‘ready for IPO by 2020’
Posted on Thursday, 12 September 2019 14:08
London-headquartered Neptune Energy intends to be ready to carry out an initial public offering (IPO) by April of next year, according to the company’s finance chief.

In comments picked up by Reuters, Armand Lumens said the company is working on internal processes and structures with a view to conducting the listing.

He added that once it is fully prepared, it will look to float at some point during the following 18-24 months.

However, Lumens cautioned that this would be dependent on developments in commodity prices, as well as the opinions of the group’s shareholders.

The finance chief was speaking to reporters at an energy conference in Oslo.

There have been three IPOs by oil and gas exploration companies announced worldwide since the beginning of 2019, according to Zephyr, the M&A database published by Bureau van Dijk.

Of these, the most valuable was worth USD 36.08 million as Norway-headquartered OKEA floated a 14.7 per cent stake on the Oslo Stock Exchange.

This was followed by Mustang Energy raising USD 930,000 on the London Stock Exchange in late July, while the sector’s other IPO saw Kazakhstan-based North Caspian Petroleum float on the Kazkahstan Stock Exchange.

No financial details of the latter deal were disclosed.

Neptune Energy claims to be one of the largest independent exploration and production companies in Europe.

The company’s assets span the North Sea region, as well as Europe, North Africa and Asia-Pacific.

Its activities include the development of existing assets, commercialisation of new discoveries, operation of fields and decommissioning of non-productive locations.

Neptune Energy posted earnings before interest, taxes, depreciation, amortisation and exploration expense of USD 880.00 million in the first half of 2019, up from USD 767.20 million over the same timeframe in 2018.

© Zephus Ltd