1947 Oil & Gas shares begin trading on AIM after £50m raise
1947 Oil & Gas plc started trading on the London AIM market today at 8:00 a.m. under the ticker symbol 1947, as announced by the company. The trading began with the issuance of 500 million ordinary shares at 10 pence each, resulting in a raise of £50 million. The shares were split into two categories: 202.5 million shares were allocated to Renaissance Offshore Holdings LLC as payment for acquiring Renaissance Offshore, LLC, while the remaining 297.5 million shares were offered to new investors in a placing.
The company currently has a total of 651,056,000 ordinary shares in circulation, with a market capitalization of about £65.1 million. Renaissance Offshore is a Houston-based oil and gas production firm with investments in eleven shallow-water Gulf of America fields. This acquisition, which completes today's transactions, marks 1947's first asset purchase.
The net proceeds from the placing will be used to cover the acquisition's cash consideration, with leftover funds directed towards working capital and admission costs. NSAI-certified 1P net reserves stand at 15.0 million barrels of oil equivalent, while 2P net reserves amount to 19.7 million barrels of oil equivalent. With a 2P PV10 of $346 million using May 15, 2026 forward oil and gas prices, the headline acquisition consideration is valued at $65 million.
The admission of 1947 to London's AIM market marks a significant milestone for the company, providing the necessary capital to finalize the acquisition of Renaissance Offshore, LLC. According to Tim Duncan, the company's Executive Chairman and former CEO of Talos Energy, "1947’s admission to London’s AIM market marks an important milestone for the Company, providing us with the capital to complete our acquisition of Renaissance Offshore, LLC," emphasizing the company's leadership, which includes Duncan, Jeff Currie, and Ivan Murphy.
SP Angel Corporate Finance LLP serves as the Nominated Adviser and Joint Broker, while CREST Corporate Broking and Cavendish Capital Markets Limited act as Joint Brokers.
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