ERHC Energy Inc (ERHE)

[majicathome]

Appears other minor players can get it done:

Kulczyk takes AIM at London

Poland’s Kulczyk Oil Ventures is targeting a secondary listing in London as it seeks to pay for its recent investment in Nigeria.

Eoin O'Cinneide 11 May 2011 10:15 GMT




The independent is to list on London’s Alternative Investment Market (AIM) as it seeks to tap a broader range of investors to also finance plans in Syria and Brunei.

Kulczyk did not put a number on the amount of cash it would seek through a planned equity grab on London’s secondary bourse this autumn but said it remains committed to its current listing in Warsaw.

“The decision by the company to seek dual listing of its common shares on AIM is driven by the desire to provide broader investor access to [Kulczyk] shares on a major equity market recognised for international oil and gas companies,” a statement from the company read on Wednesday.

Kulczyk was this week confirmed as one member in the Neconde Energy consortium which has taken a 45% stake in a Nigerian oil block sold by supermajor Shell, France's Total and Italy’s Eni.

“[Kulczyk] intends to raise funds on AIM in an amount sufficient to fund its ownership interest in the OML 42 license in Nigeria via its participation in the Neconde consortium,” it continued on Wednesday.

The stake in OML 42 block is rumoured to have cost a total of between $600 million and $800 million. With Kulczyk holding a 20% share in the consortium and a 9% interest in the block, the Pole’s financial commitment even at the lower end of the scale may have hit $120 million.

"[The company] will work with the Neconde consortium to re-activate production in a fast and efficient way and to expand the base of production and reserves from OML 42 over the coming years,” Kulczyk wrote.

The statement continued: “A portion of the new equity funds to be raised on AIM will be used by [Kulczyk] to fund its 2012 work programme for Brunei, where it holds 40% and 36% stakes in Block L and Block M, respectively and in Syria, where KOV has an effective 45% stake in Block 9”.

http://www.upstreamonline.com/live/article255929.ece