July 2009
Equity capital markets: Energy companies secure expansion capital
Stronger investor appetite for emerging market risk since the start of the second quarter of the year combined with higher oil and gas prices is helping to reopen the international equity markets to energy companies operating in Russia and the Commonwealth of Independent States.
In late June, both Volga Gas and Tethys Petroleum successfully completed offerings that will enable them to further develop their existing assets. Volga Gas raised $27 million through an accelerated bookbuild lead-managed by Oriel Securities and Renaissance Capital, which involved the sale of 27 million shares at $1 apiece.
"Even a couple of months ago it would have been debatable whether financings in less-liquid names could have got done, but now people’s risk tolerance has expanded and they are more open to a broader range...
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