Shares in new North Sea ‘investing company’ start trading on London market

Shares in Longboat Energy, a new North Sea player created by the former management team of Faroe Petroleum, started trading on the London’s AIM market on Thursday.

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Longboat, a company established by the former management team of Faroe Petroleum to fast track the creation of a new full-cycle North Sea oil and gas company, announced on Thursday the admission of its entire issued ordinary share capital to trading on the AIM market of the London Stock Exchange at 8:00 a.m. today under the ticker LBE.

To remind, Longboat announced its intention to proceed with an initial public offering to raise gross proceeds of up to £10 million and to seek admission of its shares to trading on AIM in mid-November.

Earlier this week, the company successfully raised gross proceeds of £10 million, comprising £0.8 million from the founding shareholders in the placing and prior to admission and £9.2 million from institutional investors participating in the placing. All money has been invested at 100p per share.

Following admission, the company is now an “investing company” for the AIM Rules for Companies.

Longboat Energy has been established by the former management team of North Sea player Faroe Petroleum. Faroe was taken over earlier this year by DNO in a hostile takeover launched late last year.

Faroe’s former executive directors are now at the helm of Longboat with Graham Stewart in the role of the chairman, Jonathan Cooper is the CFO, and Helge Hammer is the company’s CEO.

The directors believe that now is a unique opportunity to build a meaningful North Sea E&P on a relatively short time scale due to recent dislocation in the oil and gas industry, which has caused significant exits from the North Sea.

Offshore Energy Today Staff

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