Green light for Eland’s flotation on Aim

ELAND Oil & Gas will tomorrow become Scotland’s first flotation this year on the Alternative Investment Market (Aim) after completing a deal on Friday night that ensures it goes ahead.

The timing of the share 
issue depended on the 
Aberdeen-based company 
finalising the acquisition of a stake in an onshore lease in Nigeria.

Last April, the firm and its partner, Starcrest Nigeria Energy, successfully bid for a 45 per cent stake in the licence following an auction by the Nigerian Agip Oil Company, Shell and Total E&P Nigeria.

Eland began operations in May 2010 with the aim of identifying and acquiring interests in oil and gas assets in west Africa.

Canaccord Genuity has been appointed as the nominated adviser and broker to the flotation, first revealed by Scotland on Sunday in June. The shares will open at 100p, valuing the company at about £135m.

City financier Richard Griffiths, who founded investment bank Evolution in 2000 before setting up boutique investment firm ORA Capital Partners in 2005, will have a 10.1 per cent stake in Eland after its flotation, valuing his holding at around £13.6m.

Eland’s chief executive is Les Blair, a University of Aberdeen graduate who previously worked for Addax Petroleum in Nigeria. He has also held a variety of executive 
positions during his 35-year career in the industry.

Chief financial officer George Maxwell, a graduate of Robert Gordon University, was business development manager for Addax.