ophir energy to raise $350 million to $400

Oil and gas firm Ophir Energy said it planned to raise $350 million to $400 million in a flotation on London�s main market to fund further exploration drilling in Africa.
The company, which has made gas discoveries in Tanzania and Equatorial Guinea, said on Thursday it aimed to complete the listing in July but this would be subject to market conditions.
Ophir is partnered with British gas firm BG Group off the coast of the East African country Tanzania, where the two are considering building a liquid natural gas development to commercialise resources, and the firm also has licences in Madagascar.
Interest in East Africa as a new hydrocarbon region has been heating up in recent years after major discoveries by Tullow Oil in Uganda and Anadarko in Mozambique.
The funds raised through the listing will be used to finance the drilling of 11 wells in four different countries over the next 18 months, said Ophir.
�We feel that now is the right time to bring the company to the public market in order to facilitate the next stage in Ophir�s development,� said Ophir�s executive deputy chairman Alan Stein in a statement.
Reporting by Sarah Young (Reuters)