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Longboat Energy makes positive start in AIM debut

Shares in the ambitious new oil company have today begun trading on London's AIM market.

Longboat Energy Plc - Longboat Energy makes positive start in AIM debut

Shares in Longboat Energy Plc (LON:LBE) began trading on London’s AIM market positively as private investors finally got the opportunity to buy into the Faroe Petroleum reboot.

Longboat earlier this week confirmed its £10mln IPO received strong institutional support, with some £9.2mln of the new equity taken up in the City. The other £800,000 of shares were bought by the company’s founding shareholders.

The IPO shares were priced at 100p each.

With Thursday morning’s admission to AIM, public investors can now acquire shares.

In early deals, Longboat shares rose to trade at 101p each.

READ: Longboat Energy raises £10mln in AIM IPO

Longboat chief executive Helge Hammer, on Tuesday, said: “We are delighted with the successful admission of Longboat Energy to trading on AIM and with the support of many large institutional investors including former long term shareholders of Faroe Petroleum.

“We believe that there is a unique opportunity at present to build a meaningful North Sea E&P company on a relatively short time scale and that our geological expertise, technical understanding across the North Sea, and deep experience throughout the E&P life cycle mean Longboat Energy will be able to identify the right assets with potential to unlock significant value."

It is expected that the initial equity raise will likely be followed by further share sales which would be anticipated alongside the company’s first acquisitions.

Longboat earlier in November described a unique opportunity to build a meaningful North Sea E&P on a relatively short time scale, as a ‘dislocation’ in the industry has triggered significant exits from the region.

Quick facts: Longboat Energy Plc

Price: 93.999 GBX

LSE:LBE
Market: LSE
Market Cap: £9.4 m
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