{"id":139358,"title":"1947 Oil & Gas plc Confirmation of Intention to Float on AIM","publisher":"Share Talk","author":"sharetalk","published":"2026-08-10T11:58:12+00:00","modified":"2026-08-10T12:02:13+00:00","canonical_url":"https://www.share-talk.com/1947-oil-gas-plc-confirmation-of-intention-to-float-on-aim/","markdown_url":"https://www.share-talk.com/1947-oil-gas-plc-confirmation-of-intention-to-float-on-aim.md","json_url":"https://www.share-talk.com/1947-oil-gas-plc-confirmation-of-intention-to-float-on-aim.json","category":"Energy","categories":["Energy"],"tags":["1947","1947 Oil & Gas plc","AIM Market","gas","London Stock Exchange","oil","Renaissance Offshore LLC"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/1505af84-1443-4443-a3d9-fb49602a84a6.png?fit=1726%2C911&ssl=1","format":"news","language":"en-GB","content":"**Confirmation of Intention to Float on AIM**\n\n**and**\n\n**Conditional Acquisition of Renaissance Offshore LLC**\n\n[1947 Oil & Gas plc](https://1947plc.com/), a newly incorporated oil and gas production company focused on acquiring, operating and growing a portfolio of producing assets in the United States, is pleased to announce its intention to apply for admission of its ordinary shares (the “Ordinary Shares”) to trading on the AIM Market of the London Stock Exchange (“Admission”). **Admission** is expected to occur in **August 2026**, after which the Company’s Ordinary Shares will commence trading on AIM under the ticker “1947”.\n\nIn connection with Admission, the Company has entered into a conditional agreement to acquire Renaissance Offshore, LLC (the “Acquisition”), a privately held, Houston-based oil and gas production company with interests in eleven fields located in the shallow-water Gulf of America. The Acquisition, which will complete upon Admission, represents the Company’s first asset and provides an immediate, material production base from which to pursue its broader growth objectives. The Directors believe this combination of operational depth and financial market experience positions the Company to execute on its strategy in a disciplined and value-accretive manner. There can however be no assurance that the Company will realise the anticipated benefits following completion of the Acquisition.\n\nConcurrently with Admission, the Company is raising gross proceeds of £50 million through the issuance of 500,000,000 new ordinary shares, at 10 pence per ordinary share, to institutional and other investors (the “Fundraising”). The expected market capitalisation of the Company on Admission will be £65 million.\n\nThe net proceeds of the Fundraising, together with the net proceeds of the Company’s Pre-IPO fundraising – which was oversubscribed and raised gross proceeds of approximately £7.2 million – will be applied principally towards funding the cash consideration payable in respect of the Acquisition, with the balance allocated to working capital and the costs of Admission. \n\n**Investment Highlights**\n\n|   |   |\n| --- | --- |\n| • | Proven, cash-generative asset base – The Company’s first acquisition provides immediate exposure to a producing portfolio.   |\n| • | Independently audited reserves at attractive valuation – NSAI has certified 1P net reserves of 15.0 MMboe and 2P net reserves of 19.7 MMboe with a 2P PV10 of US$346 million (before U.S federal income taxes and after deducting estimated abandonment costs) using the forward oil and gas prices as at May 15, 2026 which compares favourably to a headline acquisition consideration of US$65 million, implying a significant value creation multiple.   |\n| • | Experienced management team – The Company’s leadership brings together Tim Duncan, founder and former CEO of Talos Energy (NYSE: TALO), which he built into the largest independent Gulf of America producer with a peak market capitalisation of US$2.6 billion; Jeff Currie, formerly Goldman Sachs’ Global Head of Commodities Research for 27 years, now Senior Advisor and former Chief Strategy Officer at The Carlyle Group; and Ivan Murphy, a founder of Cove Energy PLC, which was acquired for US$1.5 billion, and Executive Chairman of London Stock Exchange-listed Harena Rare Earths PLC. The operational team at Renaissance brings a further combined 70-plus years of Gulf of America operational experience.   |\n| • | Undervalued basin with significant embedded value – Conventional shallow-water assets in the Gulf of America are systematically undervalued by institutional markets despite generating strong free cash flow. The Directors estimate US$20 billion or more of stranded reserves remain accessible at low cost via existing infrastructure. This structural mispricing creates a significant and repeatable acquisition opportunity set for the Company.   |\n| • | Dividend policy – The Company expects the impact of sustained higher oil prices to strengthen cash generation and intends to implement a progressive dividend policy, commencing with an interim dividend following release of results for the half-year to 30 June 2027. |\n\n** Tim Duncan, Executive Chairman of 1947, commented:**\n\n“We believe that conventional, mature assets in the Gulf of America represent compelling value opportunities in the US energy sector today. The Company’s first acquisition of Renaissance Offshore LLC provides 1947 with immediate and oil-weighted cash flows, giving us a strong foundation from which we can scale production significantly to pursue our broader growth objectives. I look forward to working with the combined 1947 and Renaissance teams.”\n\n**Ivan Murphy, Co-President & Co-Founder of 1947, added:**\n\n“A listing on London’s AIM market and the capital access this provides will enable 1947 to capitalise on our strong pipeline of producing, cash-generative shallow-water assets in one of the most productive and geopolitically secure offshore basins globally. The scale of opportunity in combination with our proven operational capability and our disciplined acquisition strategy positions 1947 to deliver sustainable growth and attractive long-term returns for our shareholders.”\n\n**Background to the Company**\n\n1947 Oil & Gas PLC was incorporated in England and Wales to acquire, operate and develop producing oil and gas assets with a focus on generating near-term cash flow and progressive shareholder returns. The Company’s founding strategy is centred on identifying mature, cash-flowing hydrocarbons portfolios that benefit from low-cost development opportunities overlooked by larger operators, and from which the Company can build a meaningful and scalable production base. \n\nThe Company is led by a team of experienced oil and gas operators and capital markets professionals, whose collective track record spans the development and monetisation of significant energy assets across the Gulf of America, North Africa and East Africa. The Directors believe this combination of operational depth and financial market experience positions the Company to execute on its stated strategy in a disciplined and value-accretive manner. \n\n**Overview of the Assets**\n\nThe Company has conditionally agreed to acquire from Renaissance an interest in a portfolio of producing oil and gas properties located in offshore Louisiana state and in federal waters in the Gulf of America. The assets comprise interests in eleven fields situated on the continental shelf of the Gulf of America Basin 4. With the exception of Main Pass 77, which lies in Louisiana state waters, all of the assets are located in federal waters. \n\n|   |\n| --- |\n| ![](https://dw6uz0omxro53.cloudfront.net/3785875/6144b0be-3b56-421d-8dc4-2d8822414f65.jpg) |\n| Figure 1: Map showing the locations of Renaissance’s assets (Source: Company) |\n\n The portfolio is characterised by conventional, long-established shelf production with extensive existing well control and infrastructure. The material assets are Ship Shoal 198, Eugene Island 331, South Pass 65, Ship Shoal 266, Vermilion 408 and Main Pass 77 Fields which are the major value fields and together comprise approximately 86 per cent. of the future net revenue before income taxes, discounted at 10 per cent. (present worth), of the Proved plus Probable reserves. The non-material assets are Ship Shoal 219, South Timbalier 317, Vermilion 369 and West Delta 152 which are the minor value fields and together comprise approximately 14 per cent. of the present worth before income taxes of the Proved plus Probable reserves and Main Pass 264. \n\nRenaissance currently operates all of the assets and holds a 100 per cent. working interest in each operated field, save for South Pass 65 Field, where GOM Shelf, LLC is the designated operator and in which Renaissance holds a 50 per cent. working interest with net revenue interest subject to specific government royalty and shallow and deep-water rights. The leases are predominantly held by production and, after the end of their primary term, may be held indefinitely by continued production; in certain circumstances the primary term may be extended by the relevant authority as a result of drilling and development activities. For certain fields, an area across lease blocks is unitised such that all partners in the unit have a common interest.  \n\n**Directors and Senior Management**\n\nThe Directors and the Company’s senior management have significant technical, operational and financial experience in the oil and gas sector. On Admission, the Board will comprise of three executive directors and three non-executive directors, two of whom are independent. \n\n**Timothy Scott Duncan, aged 53, Executive Chairman**\n\nMr. Duncan is the Executive Chairman of Renaissance.  Mr. Duncan has helped build three companies in the Gulf of America over the past 25 years, including as Founder, CEO & President of Talos Energy (NYSE:TALO), which he built into the largest independent Gulf of America producer. Mr. Duncan is a current board member of Expand Energy (NASDAQ:EXE). Mr. Duncan holds a Bachelor of Science in Petroleum Engineering from Mississippi State University and an MBA from the University of Houston. \n\n**Brian Paul Romere, aged 64, Co-President and Chief Financial Officer**\n\nMr. Romere has been the Chief Financial Officer of Renaissance since 2011. Mr. Romere has over 30 years of experience in energy finance and offshore operations. He was the Chief Financial Officer of Anglo-Suisse Offshore Partners, a Director at E&Y Corporate Finance, and Chief Financial Officer of King Ranch Oil & Gas. Mr. Romere holds a BBA from Texas A&M University and an MBA from The University of Texas at Austin. \n\n**Ivan James Bowen Murphy, aged 53, Co-President and Founder, Executive Director**\n\nMr. Murphy has over 25 years of experience in natural resources investment banking and capital markets. Mr. Murphy is a founder of Cove Energy PLC which was acquired for $1.5 billion in 2012, and is currently Executive Chairman of London Stock Exchange listed Harena Rare Earths PLC. Mr. Murphy brings extensive M&A origination, deal structuring and London capital markets execution experience. \n\n**Jeffrey Robert Currie, aged 59, Non-Executive Director and Founder**\n\nMr. Currie is a Senior Adviser, formerly Chief Strategy Officer, at The Carlyle Group, one of the world’s largest multinational alternative asset management and private equity firms with US$475 billion of assets under management. Prior to this, Mr. Currie spent 27 years at Goldman Sachs as Global Head of Commodities Research. Mr. Currie holds a PhD in Economics from the University of Chicago, a Master’s Degree in Economics from the University of Chicago and a Bachelor’s Degree in Economics from Pepperdine University. \n\n**Andrew Paul Richards, aged 63, Independent Non-Executive Director**\n\nMr. Richards is a qualified Solicitor and experienced investment banker with over 35 years of experience, having worked on multiple IPOs and private fundraisings across various sectors including oil & gas. Mr. Richards is currently Executive Chairman of TES Holdings Limited (a waste oil and water treatment business in Colombia) and a Non-Executive Director of London Stock Exchange listed Harena Rare Earths PLC. \n\n**Stephen Michael Bullock, aged 65, Independent Non-Executive Director**\n\nMr. Bullock is a Chartered Accountant with over 30 years of experience in listed company audit and capital markets reporting in the UK and internationally with a particular focus on mining and energy in small cap public companies, having acted on more than 75 IPOs and other public company transactions. Mr. Bullock has been a speaker at conferences and events in the UK, Europe, Asia Pacific, Australasia and North America promoting listings in London. He was a PIE registered auditor and director of FCA registered businesses until his retirement from practice in 2025 and is an experienced NED and Audit Committee Chair.\n\n**Larry Mikell Tolleson, aged 66, Chief Operating Officer (non-board)**\n\nMr. Tolleson has been the COO of Renaissance since 2014. He brings over 40 years of experience in oil & gas operations, with substantial experience focused on the offshore Gulf of America. He began his career with Marathon Oil and has held roles at Meridian Oil, Petsec Energy, Unocal, Devon Energy, and Chalker Energy. In Renaissance, he brings strong expertise in drilling, field operations, and production management. "}