(WO) — 1947 Oil & Gas plc has begun trading on the AIM market of the London Stock Exchange, providing the newly listed company with capital to complete its previously announced acquisition of Houston-based Renaissance Offshore and pursue further growth in the U.S. Gulf of America/Mexico.
Tim Duncan, executive chairman of 1947 Oil & Gas
The company issued 500 million shares at 10 pence per share, representing an aggregate value of £50 million. Following admission, 1947 has approximately 651 million shares outstanding and a market capitalization of about £65.1 million.
The listing coincides with completion of the Renaissance transaction, which gives 1947 its initial producing asset base. Renaissance holds interests in 11 mature, shallow-water fields in the U.S. Gulf.
Independent auditor NSAI has certified the acquired portfolio at 15.0 MMboe of 1P net reserves and 19.7 MMboe of 2P net reserves. The 2P reserves carry a PV10 of $346 million based on forward oil and gas prices as of May 15, 2026, according to 1947. The previously announced transaction carries headline consideration of $65 million.
1947 said proceeds from its share placement and pre-IPO fundraising will primarily fund the cash consideration for the Renaissance acquisition, with remaining proceeds allocated to working capital and listing costs.
“Through our initial acquisition of Renaissance, 1947 now has exposure to immediate cash flows and a foundation upon which to build and grow a company of scale,” Executive Chairman Tim Duncan said.
The company plans to use Renaissance as a platform to pursue additional conventional producing assets in the U.S. Gulf and along the U.S. Gulf Coast. Co-President and Co-Founder Ivan Murphy said the company intends to consolidate producing assets in the region.
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