1947 Oil & Gas, Backed by Jeff Currie, Plans London IPO for Gulf of Mexico Acquisition

1947 Oil & Gas Plc, an energy startup backed by former Goldman Sachs commodities chief Jeff Currie, is preparing for a London stock market listing to fund a strategic acquisition in the Gulf of Mexico. The company plans to raise approximately £50 million ($67 million) to build out its production assets, according to a report from Bloomberg.

IPO Details

The initial public offering is slated for London’s Alternative Investment Market (AIM) next month. According to documents seen by Bloomberg, the company is preparing to offer its shares at a price of about 10 pence each.

Key figures from the planned listing include:

• Fundraising Target: £50 million ($67 million)
• Offer Price: Approximately 10 pence per share
• Implied Market Capitalization: About £64 million

Acquisition Strategy

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The primary use of the IPO proceeds will be to finance the $65 million acquisition of Renaissance Offshore LLC, a privately held producer. Renaissance currently operates in the Gulf of Mexico, with production of about 3,350 barrels of oil equivalent per day from its shallow-water fields off the coast of Louisiana.

Leadership and Backing

1947 Oil & Gas is led by a team of well-known figures in the energy and finance sectors. Jeff Currie, who was one of Wall Street's most recognized energy strategists during his tenure at Goldman Sachs before joining Carlyle Group, is a founder and non-executive director.

The company's executive chairman is Tim Duncan, the founder and former chief executive officer of Talos Energy Inc., a Houston-based offshore producer. This leadership provides the startup with significant expertise in both energy markets and offshore exploration and production.