Bayfield Energy IPO raises £54.4 million

The team that made such a success of Burren Energy were back in action today, completing the initial public offering of Bayfield Energy, their next venture.

Bayfield placed 90 million new shares at 60p each today on AIM, raising £54.4 million in the process.

That leaves the company valued at £129 million once already existing equity is taken into account.

The statement said: "Bayfield's current major focus is on Trinidad and Tobago where, in April 2009, it secured a 25-year exploration and production licence over the Galeota Block and, consequently, assumed operatorship of the producing Trintes Field."

The independent, founded by directors of Burren Energy, will float on AIM next Monday.

The statement continued: "The group has also recently acquired a controlling shareholding in a company which has exploration interests in the Astrakhan region of southern Russia.

"In addition, the group has applied for an exploration licence over the Pletmos Inshore Block in South Africa and expects to be granted the licence shortly."

Burren was floated on the London Stock Exchange with a market capitalisation of £175 million in 2003. Five years later it was sold to Italian energy giant Eni for £1.7 billion.