Kuwait Energy confirms it is seeking a premium listing on the London Stock Exchange

 
Courtney Goldsmith
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Kuwait expects to be admitted to the LSE in June (Source: Getty)

Kuwait Energy is seeking a premium listing on the London Stock Exchange to spur further growth in its assets in Iraq.

For the first quarter of 2017, the Middle East and North Africa focused oil and gas firm produced close to 27,000 barrels of oil equivalent per day (boepd) with 10 exploration, development and production assets in Egypt, southern Iraq, Oman and Yemen. Six of its assets are currently producing.

Kuwait said it expects the initial public offering (IPO) to raise proceeds of $150m (£116.1m) from an issue of new ordinary shares. The funds will primarily be used to continue the development of the group's assets in Iraq, which are expected to "significantly" contribute to future growth.

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Chief executive Sara Akbar called the London Stock Exchange the "natural home" for Kuwait Energy.

“Kuwait Energy’s strong, in-country relationships and track record of operational delivery in the MENA region are major competitive differentiators and provide a stable platform from which to take the company to the next level of growth."

Last year Kuwait Energy generated revenue of $138.9m and operating cashflow before movement in working capital of $77.2m.

The group will apply for admission in June, and it hopes to achieve a sufficient free float to meet the eligibility requirements for a premium listing.

Last month, Kuwait Energy was believed to have appointed bankers to help it seek a value of $1bn through a London float.

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