1947 Oil & Gas plc has recently begun trading on the AIM market of the London Stock Exchange. This move helps the newcomer secure the necessary capital to complete its announced acquisition of Houston-based Renaissance Offshore and to further grow in the Gulf of America/Mexico.
Details of the Renaissance Offshore Acquisition
The company has issued 500 million shares at a price of 10 pence per share, totaling £50 million. Following its market entry, 1947 has approximately 651 million shares in circulation, with a market value estimated at around £65.1 million.
Read more: New Estimates for Oil Tanker Rentals in September 2026
This listing coincides with the completion of the Renaissance transaction, which provides 1947 with its initial production assets. Renaissance has interests in 11 mature and shallow oil fields in the Gulf of America.
Oil Reserves and Their Value
Independent auditor NSAI has confirmed the acquired portfolio with 15.0 million barrels of oil equivalent (MMboe) of 1P net reserves and 19.7 million barrels of oil equivalent of 2P net reserves. The 2P reserves have a PV10 value of $346 million based on future oil and gas prices as of May 15, 2026. The announced transaction has a total value of $65 million.
1947 has stated that the proceeds from the share issuance and capital raising prior to the initial public offering (IPO) will primarily be used to fund the cash costs of the Renaissance acquisition, with the remaining proceeds allocated to ongoing expenses and listing costs.
Future Plans of the Company
Tim Dakin, the CEO of the company, stated that through the initial acquisition of Renaissance, 1947 now has access to immediate cash flows and has established a foundation for building and growing a large-scale company.
The company intends to use Renaissance as a platform to pursue additional conventional production assets in the Gulf of America and along the Gulf Coast. Ivan Murphy, one of the founders and Vice President, announced that the company is keen to consolidate production assets in this region.
Read more: IUMI Billion Dollar Losses for Marine Insurers in Support of Hormuz Energy Flow · Nasrollah Pejmanfar Emphasized the Need to Reduce Gas Consumption in Winter
