Polish firm Kulczyk Oil will list on London's AIM early in the autumn and hopes its value will rise nearly sixfold to 1 billion euros ($1.43 billion) as investors price in its growing oil output, a KOV executive told Reuters.
Kulczyk Oil, which has a market capitalisation of some $250 million, plans to issue new shares and list in London to help finance an acquisition of a 9 percent stake in a Nigerian oil block from oil giants Shell, Total and Eni.
"After this transaction is finalised, Kulczyk Oil will be a totally different company," Dariusz Mioduski, member of KOV's board of directors, said in an interview on Friday.
The current value of the stock barely exceeds the value of its Ukrainian assets alone and does not reflect the potential of its assets in Brunei, Syria and Nigeria, he added.
The consortium consisting of Kulczyk Oil and Nigeria's Nest Oil, Aries and VP Global, did not disclose the price for the 45 percent stake in the OML 42 oil block, but sources told Reuters the deal was worth $600 million.
The oil field bought by the Polish-Nigerian consortium has reserves estimated at some 126 million barrels of oil, but the company expects the reserves to rise after a thorough analysis scheduled for the summer.
The transaction is still subject to a number of approvals, but Mioduski said he was confident the process will be swift and shorter than the maximum 20 weeks set in the deal.
The company owned by Poland's richest man Jan Kulczyk also eyes tightening its grip on its other oil production assets in Brunei in which it has 40 and 36 percent stakes.