Madagascar Oil raises 50.5 mln stg through IPO | Reuters

(Reuters) - Madagascar Oil said it raised 50.5 million pounds through its initial public offering, as the oil and gas explorer debuted on the junior market of the London Stock Exchange on Monday.
The shares were issued at 95 pence apiece, giving the company a market cap of about 182.7 million pounds.

Madagascar Oil, which expects first production from its key Tsimiroro field in 2011, said it intended to use the proceeds to fund its existing exploration programme, as it plans to carry out further drilling at Tsimiroro.

The company said it had found oil at 15 of the 18 wells that have been drilled at Tsimiroro till date.

Houston-based Madagascar also has a 40 percent stake in the Bemolanga project, with France's Total, which holds the remaining stake, operating the field.

Strand Hanson Ltd. is the nominated adviser, while Mirabaud Securities is the lead manager and joint broker for the admission.

GMP Securities Europe is also acting as joint broker.

Shares of the company were trading flat at 98 pence at 0838

GMT.

Madagascar Oil raises 50.5 mln stg through IPO | Reuters: "Madagascar Oil raises 50.5 mln stg through IPO"

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