Leed Petroleum AIM float goes way of Memery Crystal, K&L Gates

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Memery Crystal and K&L Gates have played key roles advising on the AIM flotation of oil and gas company Leed Petroleum.

K&L Gates corporate partner Owen Waft led the team acting for Leed Petroleum, a UK upstream oil exploration and production company focused on the Gulf of Mexico.

Memery Crystal corporate partner Nick Davis advised Matrix Corporate Capital as nominated adviser (nomad) and broker, assisted by associate Nadim Khan. This was the third oil and gas deal the firm advised on this month.

Davis said Leed Petroleum raised around £53.9m before expenses via a placing of more than 110 million shares on 15 August. The company’s market capitalisation on admission was £117.98m.

Davis said the listing was significant as Leed Petroleum managed to raise a significant amount of capital in spite of the prevailing market conditions. This, said Khan, was a reflection of the fact that the company is involved in production, development and exploration rather than just one of the areas.

Khan said: “This is a good example of the AIM deals that are being done now. A few years ago it was mainly pure exploration companies that were listing, but now they have to have elements of development to be able to raise significant money.”

Memery Crystal won the instruction on the back of a longstanding relationship with Matrix corporate finance director Alastair Stratton.

Earlier this month Davis led the team advising new client RBC Capital Markets as the nomad on Rift Oil’s AIM listing. He also led the team advising Collins Stewart on the AIM float of Spitfire Oil.