(Bloomberg) -- Kuwait Energy Plc is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to people familiar with the matter.
The independent energy firm, with assets across Oman, Egypt, Iraq and Yemen, is working with Bank of America Corp., the people said, asking not to be identified as the details aren't public. Numis Corp. also has a role on the potential IPO, one of the people said. A listing could take place in the first half, though no final decisions have been made, they said.
Kuwait Energy didn't immediately respond to requests, while representatives for Bank of America, Numis declined to comment.
The number of oil and gas companies going public dwindled after oil prices crashed in 2014. The last IPO of size in London was that of Nigerian oil and gas explorer Seplat Petroleum Development Co., which raised more than $500 million that year.
Exploration firms raised $4.4 billion from listings globally in 2016, according to data compiled by Bloomberg. That's less than half the $10.7 billion in new stock they sold in 2014.
Kuwait Energy was working with Bank of America to explore options including combinations with other industry players or selling a stake in the business, people familiar with the matter said in January. The options also included issuing global depository receipts, the people said at the time.
The company had a net loss of $62.4 million in 2015, compared with a $42.7 million profit in 2014, according to its annual report.
To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net, Ruth David in London at rdavid9@bloomberg.net.
To contact the editors responsible for this story: Aaron Kirchfeld at akirchfeld@bloomberg.net, Amy Thomson, Elizabeth Fournier
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