Ophir Energy lists on London Stock Exchange

The London Stock Exchange Group has welcomed Ophir Energy plc to the Main Market. The company listed on the Premium segment of the Main Market and raised $375 million at admission and has a market capitalisation of $1.28 billion.

Ophir Energy is an independent oil and gas exploration company with assets in a number of African countries particularly Tanzania and Equatorial Guinea. Since its foundation in 2004, the company has acquired an extensive portfolio of exploration interests consisting of 17 projects in nine jurisdictions in Africa. The company is one of the top five holders of deepwater exploration acreage in Africa in terms of net area.

Tracey Pierce, Director of Equity Primary Markets at the London Stock Exchange Group, said: "We are delighted to welcome Ophir Energy to the London Stock Exchange. This listing reinforces London's position as the natural home for the global oil & gas industry and also highlights its role as the leading equity finance centre for the industrial development of Africa."

Nick Cooper, Managing Director or Ophir Energy said: "I am delighted to announce the successful completion of our IPO and the unconditional trading of all shares this morning on the Main Market of the London Stock Exchange. We are extremely pleased with the demand and reaction shown by investors to Ophir in what is a challenging stock market environment. I would like to welcome all of our new investors and thank our existing shareholders for the strong support they have shown the Company during the process.

"We have a very busy period ahead of us as we grow Ophir to become a leading independent African exploration and production company. The proceeds raised will be applied to our extensive exploration and appraisal drilling campaigns over the next 18 months which offer the potential to deliver significant value to our new and existing shareholders."

To date, the majority of Ophir Energy's interests lie offshore in water depths greater than 250m and are thus classified as "deepwater". So far it has made five discoveries of natural gas off Tanzania & Equatorial Guinea and has recently started drilling in the offshore Kora Prospect in the Senegal Guinea Bissau Common Zone.

Since 2007 Oil and Gas sector companies have raised over US $16.6bn on London's markets. A London listing gives unparalleled global visibility to companies in this sector with an average of 4.4 analysts covering every company as opposed to 2.93 in Hong Kong and only 1.05 in New York.

The listing of Ophir Energy brings the number of companies with major operations in sub-Saharan Africa listed on the London Stock Exchange to 79.