Former Addax men start again with Eland Oil

Eland Oil and Gas, an energy firm based in Aberdeen but focused on West Africa, is set to make its market debut on AIM on Monday, September 3rd.

The company is currently evaluating a number of development opportunities in Nigeria and will remain focused on the smaller, deliverable developments in the near term.

The group has raised £118m at 100p a throw, the bulk of which will go on buying a stake in an onshore oil mining lease in Nigeria.

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In April the group bagged a 45% stake in the ML40 licence owned by Royal Dutch Shell, Total and Nigerian Agip in a £97m deal.

Former Addax Petroleum men Les Blair and George Maxwell will be Chief Executive Officer and Chief Financial Officer, respectively, for Eland.

Canadian-listed exploration and production company Addax, which also had assets in Nigeria, was bought by Chinese firm Sinopec for £4.4bn in 2009.

JH