November 26, 2019 / 12:31 PM / 10 days ago

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

LONDON, Nov 26 (Reuters) - The former team behind Faroe Petroleum, which was bought by Norwegian oil group DNO this year, raised the 10 million pounds ($12.83 million) 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.

$1 = 0.7794 pounds Reporting by Shadia Nasralla; editing by Jason Neely

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