- Newly-listed oil and gas explorer Finder Energy’s (FDR) share price has risen 20 per cent since its IPO last week, as it prepares to spud its Kanga-1 well
- The company officially listed on the Australian stock exchange on April 8, following a $15 million initial public offering that saw 75 million shares issued at 20 cents each
- Next month, it plans to spud the Kanga-1 exploration well in the Northern Carnarvon Basin off the coast of Western Australia, which has a 36 per cent chance of geological success
- Managing Director and CEO Damon Neaves says Kanga-1 is a big catalyst to have so soon after listing, which accounts for the market interest
- Shares ended trade on Tuesday 4.3 per cent higher at 24 cents
Newly-listed oil and gas explorer Finder Energy (FDR) has seen its share price rise 20 per cent since its IPO last week, as it prepares to spud its Kanga-1 well.
The company officially listed on the Australian stock exchange on April 8, following a $15 million initial public offering that saw 75 million shares issued at 20 cents each.
On its third full day of trading, the company’s share price has increased to 24 cents.
Finder has exploration permits in both the North West Shelf of Australia and the UK’s North Sea.
Next month, the company plans to spud the Kanga-1 exploration well, which is located in the Northern Carnarvon Basin off the coast of Western Australia and has been assessed to have a 36 per cent chance of geological success.
The well is situated among existing oil fields and has been estimated to produce 170 million barrels of oil.
Managing Director and CEO Damon Neaves said Kanga-1 is a big catalyst to have so soon after listing, which accounts for the market interest.
Drilling of Kanga-1 will be funded by the money raised through the IPO.
Mr Neaves has over 18 years experience in leadership roles as an oil and gas executive, and has held board positions with ASX-listed Tap Oil and Pura Vida Energy.
Likewise, independent, non-executive Chair Bronwyn Barnes has more than 25 years worth of board experience and has worked with both Western Mining Corporation and BHP.
Ms Barnes is also Chair of Indiana Resources (IDA), non-executive director of Synergy and Scorpion Minerals (SCN), and non-executive Chair of Aerison Holdings.
Shane Westlake is Finder’s Technical Director, having joined in 2007. He is a petroleum geophysicist with 20 years experience in executive management roles in the energy sector.
Shares in Finder Energy closed 4.3 per cent higher on Tuesday at 24 cents.