North Sea oil company Valiant Petroleum floats on AIM

Valiant Petroleum, which owns a number of oil fields in the North Sea, has floated on AIM, raising £50 million at £7.50 per share. The initial public offering (IPO) values Valiant at £197 million, making it the second-largest company to float on AIM this year.

The fundraising, which CEO Peter Buchanan says was oversubscribed, will allow Valiant to continue developing four separate fields in the northern North Sea in which it has interests ranging from 14 to 40 per cent.

Two of the fields are targeting production in the first half of 2009, while development plans for the other two will be submitted to the UK Government later this year.

In addition to the proceeds of the IPO, Valiant will be able to call on a further £63 million of equity raised from institutional investors prior to its flotation, and $245 million (£121 million) of debt from Bank of Scotland.

Buchanan comments: ‘We are extremely pleased with the results of our oversubscribed fundraising and listing on AIM, especially given recent volatility in the global equity markets.’

Valiant’s nominated adviser and broker is Oriel Securities, while Tristone Capital acted as global bookrunner and broker.

The company is based in Woking and employs 16 people.

Alan Dobie

Alan Dobie

Alan Dobie was assistant editor at Vitesse Media Plc before moving on to a content producer role at Reed Business Information. He has over 17 years of experience in the publishing industry and has held...

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