molopo eyes dual us listing

Molopo eyes dual US listing

Peter Ker
April 20, 2011

MELBOURNE-based oil and gas firm Molopo Energy is eyeing a second listing in North America as part of a revised strategy that increases the company's focus on Canadian and American markets.

Two months after taking control of the company in a shareholder revolt, the new regime has revealed plans to play a bigger role in a smaller number of projects, in what it describes as ''focused growth''. The strategy is likely to mean Australian and South African assets are put on the market so Molopo can focus on oil projects in Texas and Canada.

Molopo has coal-bed methane resources in Queensland, which are located close to gas supply pipes into Gladstone - the city where several new LNG projects are planned.

Advertisement: Story continues below Molopo chief executive Ian Gorman said there was no formal sale process but the company did not ''necessarily'' see itself as the natural owners of the Australian assets. When asked if another listing on a North American exchange was imminent, he said: ''It's something we will certainly consider going forward.''

Read more: http://www.smh.com.au/business/molopo-eyes-dual-us-listing-20110419-1dncp.html#ixzz1K0qvJfKQ