Pentex eyes expansion as it comes to market
Thursday 05 January 1995
Pentex also said it could not exclude tapping the market for $10m-$30m over the next year to further its plans to buy more oil- and gas-producing acreage, probably in the North Sea.
Henry Cameron, executive chairman, said the company had received some approaches about assets for sale, but that any deals would probably crystallise only later this year.
A principal reason for the listing, he said, was to provide Pentex, based in Aberdeen, with more financing options for expansion. Initially, there will be more than 20 million shares in issue. The biggest shareholder - Strand Associates, with 26 per cent- is understood to have paid £1 a share.
Following the listing the directors will retain their 25.4 per cent holding in the company, which operates 12 producing onshore fields in the UK and Italy. Pentex, which employs 70, is also a partner in eight producing fields onshore and offshore in the UK Continental Shelf. Ten of the UK onshore fields are in the East Midlands, where the company supplies natural gas to industrial consumers.
The company was formed in 1981 by a group of Scottish businessmen who wanted a slice of the expanding oil and gas industry. It ran short of cash in the mid-Eighties, when a new group of investors, led by Mr Cameron, took control.
The group produces 7,000 barrels of oil or oil equivalent daily; it has proven and probable reserves of 21 million barrels of oil and 9.5 billion standard cubic feet of gas.
Operating profits of £2.4m in 1991 compare with £2.5m in the first six months of 1994.
Mr Cameron said Pentex was predominantly production-based, avoiding the excessive risks of exploration failures. He added that potential investors could regard the group, which had core reserves lasting 20 years, as a play on the oil price, taking the view that the worst of the oil price fall was over.
Sales of the tablet are set to fall again, say analysts
Met Police confirm there was a 'minor disturbance' and that no-one was arrested
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Concerns raised phenomenon is threatening resort's image as a family destination
I Am Bread could actually be a challenging and nuanced title
- 1 Indian footballer Peter Biaksangzuala dies after injuring spine doing somersault celebration
- 2 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 5 Lynda Bellingham dead: Loose Women presenter dies after battle with colon cancer
Sophia Loren: How I rejected Cary Grant and 'pulverised' Marlon Brando with my eyes
Banksy arrest hoax: Internet duped by fake report claiming that the street artist's identity has been revealed
'Russian submarine spotted' by Swedish military off coast of Stockholm
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Oscar Pistorius sentence: Athlete's wealth and notoriety provoke an overdue debate on South African prisons
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver allegedly kicks gay couple off for kissing
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...