Oil and Gas Eye Q4 2013

Ins and outs of the AIM oil and gas universe

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The AIM oil and gas universe (including oilfield services companies) stood 111 strong at the end of Q4, compared to 116 in Q3, and 115 at the start of the year.

Two companies exited the AIM universe in December following corporate takeover activity.

Desire Petroleum’s shares were cancelled from trading on AIM following the completion of its merger with Falkland Oil and Gas, and Bridge Energy also left after it was acquired by Spike Exploration.

Shares in NEOS Resources were temporarily suspended from trading in December because of the delayed publication of its annual report for the year ended June 2013.

In October, Matra Petroleum said it had entered into an agreement which would allow it to make a series of investments in the US onshore oil and gas sector. It may undertake a phased acquisition of the interests through a joint venture vehicle. Trading in its shares on AIM has been temporarily suspended until all phased investments are completed, or the transactions no longer proceed.

Similarly, Gasol’s shares were temporarily suspended from trading in December after the announcement of a proposed acquisition. The company has entered into a conditional agreement to buy Energie de Côte d'Ivoire S.A., which has a 12% interest in the largest gas field offshore Côte d'Ivoire.

No new oil and gas companies joined AIM in Q4.

In contrast, IPO activity in the wider AIM market was buoyant, with 20 successful IPOs across other sectors on London’s junior market.

Funds raised from new issues by all companies listed on AIM were £576.2 million in Q4 – more than double Q3’s total. Over the year, £1.2 billion was raised by AIM companies through new issues – 66% more than in 2012.

Quarterly trend of funds raised on AIM – oil and gas and all sectors

EY - Quarterly trend of funds raised on AIM - oil and gas and all sectors

Source: EYanalysis of AIM market statistics
New issues include IPOs, introductions, transfers and re-admissions (money and non-money raising