BAYFIELD Energy, the Caribbean oil-explorer founded by former Burren Energy executives, has completed its initial public offering on London’s alternative investment market (AIM), raising £54m.
The group placed 90m shares at 60p each on AIM yesterday, and will be valued at around £130m when existing shares are included.
The oil and gas explorer has key assets in Trinidad and Tobago, where it secured a 25-year licence over the Galeota Block and operation of the producing Trintes field in April 2009.
The company expects Trintes to achieve production of about 2500 barrels of oil per day (bopd) this year and aims to peak at 8000 bopd in 2013.
The directors, management and related parties have invested £29.4m to date.
Members of the board were formerly with Burren, which floated on the London Stock Exchange with a market value of £175m in 2003.