November 26, 2019 / 12:40 PM / 9 days ago

Ex-Faroe Petroleum team raises around $13 million in London IPO

LONDON (Reuters) - The former team behind Faroe Petroleum, which was bought by Norwegian oil group DNO (DNO.OL) this year, raised the 10 million pounds targeted in listing Longboat Energy on London’s AIM stock market, it said on Tuesday.

The shares are expected to start trading in London’s small-cap AIM market on Nov. 28, after institutional investors subscribed to the listing with 9.2 million pounds in addition to capital invested by the founders.

“There is a unique opportunity at present to build a meaningful North Sea (exploration and production) company on a relatively short time scale,” Longboat Chief Helge Hammer, a former Faroe chief operating officer, said in a statement.

Former Faroe CEO Graham Stewart is Longboat’s non-executive chairman.

DNO secured control of Faroe in January, a day after raising its hostile bid for the British company to 641.7 million pounds.

Reporting by Shadia Nasralla; editing by Jason Neely

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