Press Release
17 March 2008
McGrigors advise Valiant Petroleum on £50m AIM listing
National law firm McGrigors has advised Valiant Petroleum on its AIM market listing on Thursday 13 March 2008 which raised over £50m in new funds, giving Valiant a market capitalisation of £200 million on admission.
"Our Oil and Gas sector speciality combined with our AIM experience makes McGrigors ideally placed to advise Valiant on its admission to AIM," commented Martin Finnegan head of the firm's capital markets practice who led the IPO process. "McGrigors has worked with Valiant Petroleum since 2005 and we anticipate working closely alongside them for many years to come" added Kevin Devanny, lead client relationship partner.
Since forming in September 2004, the Company has built a portfolio of development, appraisal and exploration assets in the northern North Sea – an area which its Directors believe has previously been under-exploited compared with other areas of the North Sea. Valiant believes that the North Sea contains significant remaining hydrocarbon resources and that even small-to-medium field discoveries can be quickly and profitably developed utilising extensive existing infrastructure.
"We are extremely pleased with the results of our oversubscribed fundraising and listing on the AIM market - especially given recent volatility in the global equity markets. The fundraising and listing on AIM will support our goal of building a balanced asset portfolio in the North Sea and creating shareholder value." commented Peter Buchanan, Chief Executive Officer at Valiant Petroleum.
Oriel Securities acted as NOMAD and joint broker and Tristone Capital acted as joint broker and global bookrunner each advised by Watson Farley Williams led by Jan Mellman.
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com