Home Market Energy company says easy decision to choose London for $95m listing

Energy company says easy decision to choose London for $95m listing


Oil and gas company Jadestone Energy said it was an “easy decision” to choose London for a listing that aims to raise $95m (£71.6m).

The Asia-focused oil and gas exploration company said it was drawn to London because of its sophisticated investment community.

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Chief executive Paul Blakeley said: “We went to various exchanges to look at where we would get the most response and it was overwhelming that London and the London investment community understand international upstream oil and gas and are far more willing to invest in places that are a bit more distant.”

Jadestone is currently listed in Toronto but plans to list on Londons junior AIM market as a precursor to moving to the main market.

“Coming to London was a pretty easy decision,” Blakeley said.

The company also announced today that it had struck a deal with PTT Exploration and Production, a subsidiary of Thailand's national oil company, to buy a 100 per cent interest in an Australian offshore oil project for $195m.

Read more: Premier Oil approves key project as output slows

The company, which expects its shares to begin trading on AIM in August, will use $80m of the money raised to pay for the Australian acquisition announced today.

The nominated adviser for the Admission is Stifel Nicolaus Europe.

Stifel is also joint broker and bookrunner with BMO Capital Markets.


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