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September 24, 2012
LONDON, 24 September, 2012 — Covington & Burling LLP acted as US counsel to Eland Oil & Gas PLC, a West Africa-focused energy firm, in connection with its initial offering on the AIM market of the London Stock Exchange PLC.
The offering, which closed on September 3, raised £118 million ($189 million), making it the largest AIM flotation in more than three years. Eland conducted a private placement in the US under Securities Act Rule 506 simultaneously with the AIM offering. Offering proceeds will largely be used to fund the acquisition of a 45 percent interest in an onshore Nigerian oil mining licence from current owners ENI, Shell and Total.
The Covington team was led by corporate partner Kristian Wiggert with assistance from associates Karen Brooks and Philip Young.