1947 Oil & Gas plc

1947 Oil & Gas plc lists on AIM

Cavendish acted as Joint Broker on the £29.5 million IPO of the US-focused oil and gas company.

Cavendish are pleased to have acted as Joint Broker to 1947 Oil & Gas plc (“1947”) on its admission to AIM. The company raised £29.75 million, giving it a market capitalisation of approximately £65 million on admission. With these funds, 1947 completed the $65 million acquisition of Renaissance Offshore at the same time as its admission.

1947 was established to acquire, operate and grow producing oil and gas assets in the United States, with a focus on mature, cash-generative portfolios. Executive Chairman Tim Duncan founded Talos Energy (NYSE: TALO) and grew it into the largest independent producer in the Gulf of America. Co-founder Ivan Murphy founded Cove Energy plc and is Executive Chairman of Harena Rare Earths plc. They are joined by Jeff Currie, former Global Head of Commodities Research at Goldman Sachs and former Chief Strategy Officer of Carlyle.

Renaissance Offshore is a privately held, Houston-based producer with interests in eleven fields in the Gulf of America. The portfolio comprises established producing assets with independently certified 2P net reserves of 19.7 MMboe. 1947 enters the public markets debt-free and without hedging in place. Cavendish worked closely with US placement agent Beech Hill Securities to bring specialist North American energy investors to the transaction alongside UK institutions. The placing was supported by institutional investors in both the UK and North America.

“This transaction highlights the unique role London can play in funding international growth stories. 1947 has American assets, American management and a clear acquisition strategy, while AIM provided access to a deep pool of specialist capital, engaging investors across both the UK and North America, delivering a genuinely transatlantic IPO.”
Neil McDonald, Head of Energy, Power & Resources, Cavendish