Khanty Mansiysk seeks Nasdaq listing (Lundin Oil holds a 9.3% stake)
Crude oil producer Khanty Mansiysk files $100 mln IPO
WASHINGTON, May 11 (Reuters) - Khanty Mansiysk Oil Corp., a New York City-based company that produces and markets crude oil from the Khanty Mansiysk region of western Siberia in Russia, filed on Friday with the U.S. Securities and Exchange Commission for an initial public offering of common stock.
Khanty is looking to raise up to $100 million, using the net proceeds to redeem notes and for general corporate purposes, including capital expenditures, the filing said.
The exact number of shares being sold to the public and the price range will be revealed later in another filing.
Khanty seeks a Nasdaq listing under the symbol ``KMOC'' (Nasdaq:KMOC - news). It hired UBS Warburg and J.P. Morgan to jointly manage the IPO.
The company currently holds production licenses to nine fields in the Khanty Mansiysk region, one of the largest hydrocarbon basins in the world, according to the filing.
Of the nine fields, three are currently producing.
The region covers about 1.3 million square miles east of the Ural Mountains in north central Russia.
Major hydrocarbon reserve discoveries in the area began 40 years ago and since then, according to the Russian government, more than 50 million barrels of oil have been produced fronm the basin's Cretaceous and Jurassic reservoirs, the filing said.
Some of Khanty's biggest backers include Britain's Enterprise Oil Plc, which holds a 28.2 percent stake, and Sweden's Lundin Oil AB with 9.3 percent, the filing said.
Khanty was co-founded in 1993 by John Fitzgibbons, who previously served as an economic adviser to the Russian government following his graduation from Harvard University.
The 31-year-old Fitzgibbons currently serves as the company's chief executive officer and president.
money.iwon.com
Khanty Mansiysk web site: kmoc.com |
