Thani Petroleum mulls DIFX listing

Dubai-based Thani Emirates Petroleum Corp is looking into listing its shares on the Dubai International Financial Exchange (DIFX) within one-three years, a company executive said on Tuesday.

Alternatively, the upstream firm, might offer a stake in a private placement, Chief Operations Officer Ihsan al-Sharqi told Reuters on the sidelines of an energy event.

The company would "look to bring in an oil producer with experience in the region or financial institutions that appreciate the fundamentals of the upstream business and knows the risks", he said.

The firm with operations in North and West Africa wants to expand its business with eyes on South East Asian countries such as Indonesia and Papua New Guinea, he said.

This year the firm is planning to invest $60 million and $80 million in 2009, he said.

The company is planning to drill three exploratory oil wells in Tunisia and one offshore well in Egypt in addition to deep water wells in Ivory Coast and Ghana, Sharqi said.

Earlier this year Thani sold its stake in Sudan's Petrodar Operating Co to Kuwait's Kharafi Group and Sudan Petroleum Co (Sudapet) for $500 million.

 

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