1947 Oil & Gas PLC completes its admission to AIM and acquisition of Renaissance Offshore LLC.
1947 Oil & Gas PLC (the Company) is an oil and gas production company focused on acquiring, operating and developing producing oil and gas assets. The Company's strategy is centred on identifying mature, cash-flowing hydrocarbon portfolios that benefit from low-cost development opportunities overlooked by larger operators, and from which the Company can build a meaningful and scalable production base.
The Company has raised gross proceeds of £29.75 million pursuant to a placing of 297,500,000 Ordinary Shares at an issue price of 10 pence per Ordinary Share.
On admission, the Company completed its acquisition of Renaissance Offshore, LLC (Renaissance) for headline consideration of USD 65 million. Renaissance is a privately held, Houston-based oil and gas production company with interests in eleven fields located in the shallow-water Gulf of Mexico. Renaissance has certified 1P net reserves of 15.0 MMboe and 2P net reserves of 19.7 MMboe with a 2P PV10 of USD 346 million (before U.S. federal income taxes and after deducting estimated abandonment costs).
Renaissance represents the Company’s first acquisition and provides it with an immediate, material production base from which to pursue its broader growth objectives.
Crowe's role and team
Crowe acted as reporting accountant on the transaction. Our Capital Markets team was led by Paul Blythe, supported by Will Smith, James Leyton, Joe Cash and Samuel Folley.
Client quote
"For our admission, we wanted to work with a team that had extensive oil & gas experience and could provide guidance and support to us during the process. The team at Crowe were very impressive and did not disappoint. We would recommend them to other oil & gas companies seeking admission to AIM."
Ivan Murphy, President and Founder, 1947 Oil & Gas PLC
