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UK's Neptune Energy plans 7 billion pound IPO -The Times

·1-min read

(Reuters) - Neptune Energy Chairman Sam Laidlaw is considering a potential 7 billion pound ($9.9 billion) initial public offering (IPO) for the British oil and gas company, The Times reported on Sunday.

Laidlaw, who was formerly head of Centrica, is close to appointing JP Morgan to explore options for Neptune, including a listing or sale to a rival, the report said https://www.thetimes.co.uk/article/ex-centrica-chief-sam-laidlaw-readies-gas-giant-neptune-for-7bn-float-hd56q3cnc.

Neptune Energy did not immediately respond to a Reuters request for comment.

The company was founded in 2015 with private equity backing from investors including Carlyle and CVC. It has operations across in Europe, North Africa and the Asia Pacific region, its website says.

Neptune this month reported first-quarter gas production of about 125,700 barrels of oil equivalent per day (boepd), in line with its expectations but down from the 139,000 boepd a year earlier.

It also said it expects production to increase "materially" in the fourth quarter of this year.

(Reporting by Derek Francis in Bengaluru; Editing by David Goodman)