New Zealand Exchange Limited (NZX) is pleased to welcome L & M Petroleum Limited to the NZSX Market today, as the first new listing for 2007.
L & M Petroleum Limited’s initial public offering (IPO) closed fully subscribed late last year. There was strong New Zealand interest in the IPO, with over 45% of shares purchased by New Zealanders. The L & M shares will be dual-listed on the NZX and ASX.
Managing Director and CEO of L & M Petroleum Limited, John Bay said “This is the start of our ongoing exploration with the objective of making L & M Petroleum Limited one of New Zealand’s premium oil and gas producing companies.” Capital raised through the IPO will be used to drill exploration wells for oil and gas in the South Island over the next two years.
NZX Markets Development Manager, Geoff Brown said, “It is encouraging to see another New Zealand company in the resources sector raising capital in New Zealand and also to see such enthusiastic uptake by New Zealand investors.”
Shares in L & M will be quoted on the NZSX Market under the security code LMP from 1pm today.
