Mittal-backed African oil firm preparing for $2bn London floa
April 3, 2011
LONDON: An oil company backed by NRI steel tycoon Lakshmi Mittal and a South African politician imprisoned with Nelson Mandela is preparing for a USD 2 billion (1.2 billion pounds) London float, the Sunday Times reported today.
Ophir Energy was set up in 2004 and has quietly built up a portfolio of oilfields across Africa, from Tanzania to Congo Brazzaville and Equatorial Guinea .
The company plans to raise up to USD 500 million by selling a quarter of its shares in a public offering before the summer to fund the development of several recent finds, the report said.