Oil and gas exploration company Ophir Energy Plc (OPHR.L) Friday said it has priced the initial public offering of 93.87 million new ordinary shares at 250 pence per share to raise about $375 million.
The new shares being issued to the company's existing shareholders and new institutional shareholders in the IPO represent 29.4 percent of the company's enlarged issued share capital.
Credit Suisse has been granted an over-allotment option for up to 9.34 million shares, representing approximately 10 percent of the new shares in the IPO, exercisable for a period of 30 calendar days from today, Ophir noted.
Conditional dealings are expected to begin on the London Stock Exchange on July 8 under the ticker symbol 'OPHR'. Unconditional dealings on the company's shares are projected to take place on July 13.
Based on the offer price, the total market capitalization of Ophir at the commencement of conditional dealings will be about 798.7 million pounds or $1.28 billion, excluding the over-allotment option.
Ophir said it will use the net proceeds from the IPO primarily to fund its 18-month exploration and appraisal campaign that includes the drilling of 12 wells in five countries by December 2012.
Ophir's oil and gas exploration activities are focused in Africa. Since its inception in 2004, the company has acquired an extensive portfolio of exploration interests and its current portfolio comprises 17 assets in eight jurisdictions in Africa.
The company plans to pursue an active exploration and appraisal drilling campaign over the next 18 months with 11 wells proposed to be drilled in four countries.
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