Cove Energy’s Craven targets £17m with Falcon Oil & Gas IPO

LONDON’S junior stock market is set to gain a new entrant in the form of Falcon Oil & Gas, backed by former Cove Energy chief executive John Craven.

Falcon, which will list on London’s Aim and the ESM market of the Irish Stock Exchange, is targeting proceeds of $25m (£17m) through the placing of 120.4m shares at 14p each.

Headquartered in Dublin, Falcon will use the proceeds from the placing to finance its projects in Australia and South Africa, for potential strategic acquisitions and for general corporate purposes.

The group, which is currently listed in Canada, also has oil and gas assets in Hungary.

Earlier this week, Craven alongside two fellow Cove executives reunited to launch Discover Exploration, an exploration company that will search for oil and gas offshore Mozambique.

Oil veteran Craven was a key driving force behind the $1.9bn sale of Cove to Thailand’s PTT Exploration & Production last year, after Anglo-Dutch oil giant Shell ditched its bid.

Davy is acting as Falcon’s nominated adviser and joint broker and GMP Securities Europe has a role as joint broker.

Falcon is expected to list on Aim and ESM at the end of the month.