Oil veteran Gandur plans Canada IPO for Oryx Petroleum

Thu Mar 28, 2013 5:48pm EDT
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By Tom Miles and Emma Farge

GENEVA (Reuters) - Addax & Oryx Group (AOG), chaired by billionaire Jean Claude Gandur, plans to list its oil exploration subsidiary Oryx Petroleum in Canada, the firm said on its website.

Oil industry veteran Gandur was catapulted onto the Forbes rich list in 2009 when he sold Addax Petroleum to Sinopec (SNP.N: Quote) three years after its IPO.

"AOG's upstream division, Oryx Petroleum, has filed a preliminary prospectus with the securities authorities in Canada, as the first step in the process of preparing for an initial public offering on the Toronto Stock exchange," the company said on its website on March 15.

It did not give further details of the IPO timing.

Like Addax, Oryx has a focus on the Middle East and West Africa, with interests in the Kurdish and Wasit regions of Iraq, Nigeria, Republic of Congo and the offshore AGC block between Senegal and Guinea Bissau.

"When we sold in 2009 we had long chats with the board about what to do," AOG's chairman billionaire Jean Claude Gandur told Reuters in an interview last month, before the decision to list Oryx Petroleum.

"I said I would like to give a last chance to rebuild a second Addax Petroleum - I love upstream, I have a lot of knowledge and I know a lot of actors in the sector and I would like to rebuild a new Addax Petroleum and that's the one we call Oryx Petroleum today."

The latest IPO figures suggest that Oryx might have picked a good moment to tap the market.   Continued...