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Aker Might Launch Its Planned IPO in Late 2019 Or 2020

Aker Might Launch Its Planned IPO in Late 2019 Or 2020

Norwegian investment firm Aker might launch its planned initial public offering (IPO) of Aker Energy in late 2019 or 2020, relying on when Ghana approves the event plan of its Pecan oilfield, the CEO stated.

The company, managed by Norwegian billionaire Kjell Inge Roekke, has said it desires to make Aker Energy a number one exploration and production company on Ghana’s continental shelf.

“My educated guess is a late 2019 or in the course of the course of the subsequent year,” Aker Chief Executive Oeyvind Eriksen told Reuters when requested about the IPO plans.

Ghana’s authorities are anticipated to approve Aker Energy’s revised $4.4 billion development plan for its offshore Pecan area by late within the third quarter of 2019, though delays couldn’t be ruled out, Eriksen said.

Eriksen mentioned he anticipated Aker Energy to raise the capital it wanted despite volatility within the oil and gas market.

A first step towards attracting capital was taken this month when Aker Energy issued subordinated convertible bonds of $100 million to Africa Finance Corporation (AFC).

The bonds have a coupon of 5.5% and can be converted to fairness within the event of an IPO.

Production is about to start 35 months after the ultimate investment decision.

In different operations, Aker BP, wherein Aker has a 40% stake, and BP holds 30%, lately made an oil discovery, known as Liataarnet, within the North Sea’s NOAKA area with its partner LOTOS.

Eriksen started this find, estimated to carry 80 million to 200 million barrels of oil equivalent, may help Aker BP in its discussions with Norway’s Equinor over developing the NOAKA oil and gas fields.

About the author

Dennis Norwood

Dennis Norwood

Dennis is the chief contributing author and editor for the energy column. He has expert knowledge about environmental science has acquired quite a lot of on-field experience about energy resources. He was engaged with many groups to educate people about the diminishing non-renewable energies and usage of renewable energies. He has written many papers based on the implications of renewable energy sources. His articles are very much inspiring and portray the positive aspects of using renewable energies.

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