Caracal Energy joins the Main Market with a Premium Listing
In July Caracal Energy ordinary shares were admitted to the premium listing segment of the Official List and to trading on London Stock Exchange.
Caracal Energy, is an independent oil and gas exploration, appraisal and development company with licences covering 6.4 million acres in the Republic of Chad, Africa.
The Company had a market capitalisation of circa £440 million at admission.
Caracal expects to achieve gross production targets, of 23,000 bbl/d from the Badila and Mangara Fields by the end of 2013, and 36,000 bbl/d by the end of 2014, with seven development wells expected to be drilled this year. Cash flow generated from production, together with existing cash resources and the financial commitments from Glencore’s farm-in,, will be used to fund the development and exploration programmes, including the spudding of three exploration wells in 2013 followed by approximately 12 exploration wells and 20 development wells in 2014.
Gary Guidry, Chief Executive Officer of Caracal Energy, said:
“I am delighted that Caracal Energy’s shares have been admitted to the premium listing segment of the Official List and to trading on the London Stock Exchange. The London listing fulfils a commitment made to our shareholders and is being executed at an opportune time in terms of value creation in the Company, which we believe is close to first oil production from our Badila and Mangara fields.
“As the most active exchange for African-focused oil and gas companies, our admission to trading on the London Stock Exchange will also provide new investors with an opportunity to participate in the exciting Caracal story.”