By John Lee.
Kuwait Energy has announced that it intends to proceed with an initial public offering (IPO), and to list on the main market of the London Stock Exchange (LSE).
In a statement to the markets this morning, the company said it expected to raise gross primary proceeds of approximately $150 million from the fundraising, which "will be predominantly used to continue the development of the Group's assets, notably those in Iraq which are expected to significantly contribute to the Group's future growth."
Sara Akbar (pictured), Chief Executive Officer of Kuwait Energy, said:
"We are delighted to announce our intention to list on the London Stock Exchange, the natural home for Kuwait Energy.
"Kuwait Energy's strong, in-country relationships and track record of operational delivery in the MENA region are major competitive differentiators and provide a stable platform from which to take the Company to the next level of growth.
"We are already producing close to 27 kboepd in the first quarter of 2017, with a strategy in place to increase that production rapidly, particularly through our Block 9 asset in Iraq which, management believes, has some of the most favourable fiscal terms in the region.
"Over the coming years, the Group's focus is on developing its current 2P working interest reserves which are in excess of 800 mmboe."
(Source: Kuwait Energy)