IAGO Limited: Funding Oil Exploration in Africa
05/09/2012

From IAGO Limited’s source, the company sold 30.5 million shares at 495 pence each, which is approximately 8.3 percent of its regular stock before the sale.

Online PR News – 09-May-2012 – Calgary, Alberta – A U.K. explorer focused on Africa, Ophir Energy PLC., plans to expand operations in Gabon, Kenya, and Tanzania. To fund this expansion, the company sold about one hundred fifty one million pounds or $240 million USD of new shares.

From IAGO Limited’s source, the company sold 30.5 million shares at 495 pence each, which is approximately 8.3 percent of its regular stock before the sale. The firms who have managed the sale are RBC Capital Markets, Oriel Securities Ltd., and JPMorgan Cazenove Ltd.

From same source, the Chief Executive Officer of the Ophir said that their assets are the largest offshore acreage holding in East Africa and once the resource potential of a particular asset is well understood, they will continue to aggressively oversee the portfolio and they will work to introduce partners.

Recently, the fourth natural-gas discovery off Tanzania was announced by the explorer based in London and BG Group Plc. IAGO Limited sees the discovery bringing the resource estimates from all four of Ophir and BG’s wells close to 7 trillion cubic feet.