Byron Energy Limited has raised US$21 million through a staged farm-out and a share placement
February 2016 — Byron Energy Limited raised up to US$21 million through a multi-well staged farm-out agreement with Otto Energy Limited, also an ASX-listed company, potentially injecting US$17.3 million directly into Byron's projects with the balance raised from a placement of ordinary shares to existing and new shareholders. The fundraising accelerates Byron's drilling program in the Gulf of Mexico by partnering with a well capitalized company that has had extensive experience in the oil and gas sector.
Byron is an ASX-listed oil and gas explorer and developer with 11 properties located in the shallow waters of the Outer Continental Shelf of the Gulf of Mexico, off the Louisiana coast in the USA, and is totally focused on that region. Byron has an experienced board and management team with over 150 years' combined experience in the Gulf of Mexico and with extensive success in that region.
Our role in the transaction
Oaklins' team in Australia was the corporate advisor to Byron in the funding assignment and was also the manager of the share placement. The Australian team had previously advised Byron on its IPO in 2013 and on a subsequent share placement in early 2015 to raise US$8 million.
Talk to the deal team
Related deals
7BidCo has completed the sell-out procedure for the shares of STAR7
7BidCo S.p.A. has completed the sell-out procedure for 8.5% of STAR7 S.p.A.’s shares.
Learn moreAlba has completed a voluntary public tender offer for the shares of Borgosesia
Alba S.r.l. has completed a voluntary public tender offer for 100% of the shares of Borgosesia S.p.A.
Learn moreMoneybox’s employee share sale has set another milestone for London’s Private Securities Market
The London Stock Exchange’s Private Securities Market (PSM) continues to demonstrate its potential as a venue for providing shareholder liquidity in high-growth private companies. Following the successful employee share sale for autonomous driving pioneer Wayve earlier this month, fintech leader Moneybox has completed a US$61 million (£45 million) employee liquidity event through the PSM. By structuring the transaction as an employee liquidity event, long-serving employees with vested equity have been able to realize some of the value they helped create while enabling Moneybox to remain private and continue its growth journey. Crowdcube managed the employee seller and investor participation process.
Learn more