February 14, 2019 / 9:05 AM / 2 months ago

Aker Energy eyes IPO after submitting Ghana field plan in March

OSLO, Feb 14 (Reuters) - Norwegian firm Aker plans to invite other investors to take stakes in its Ghana-focused oil exploration firm Aker Energy this year with an initial public offering (IPO) or other transaction, the company said on Thursday.

The transaction is planned to take place after Aker Energy submits a development plan for the deepwater Pecan field off Ghana in March, following a recent appraisal well that confirmed contingent resources of 450-550 million barrels of oil equivalent (mmboe), it added.

Aker Energy planned to drill another two wells in February, expected to prove between 150 and 550 mmboe in additional resources, Aker Chief Executive Oeyvind Eriksen told an earnings presentation.

The preliminary results should be used to update the total potential before the plan’s submission, he added.

Aker Energy will remain focused on developing resources in Ghana, expected to help Aker’s aim to reach its total oil production target of producing over 1 million barrels of oil equivalents per day by 2025. (Reporting by Nerijus Adomaitis)

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