Bayfield Energy

17th Jun '11 by Cuthbert C

26 comments 20232 reads

Bayfield is a private company which was started by Finian O'Sullivan and Andrei Pannikov, both directors of Burren, when that company was taken over by ENI in 2008. Most of the other directors are ex-Burren, with the exception of David MacFarlane, previously FD of Dana. The management team below board level is mostly ex-Burren.

Bayfield has assets in Trinidad, South Africa and Russia.

Website is here.

An RNS issued today announces intention to float.

I'll be looking more closely with a view to participating in the IPO. I did extremely well out of Burren and like the idea of tagging onto Finian's coat-tails again.

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About the Author

Cuthbert C

Premium Member

26 comments

BrianGeee

1st Jul '11

I have heard that the Bayfield IPO is due to close today, and have applied for some stock.

In addition to the senior management being ex-Burren, it would appear that they have also hand picked quite a few of the middle management (the workers!).

Cuthbert C

4th Jul '11

Bayfield got a positive mention by the Trinidad & Tobago Energy Minister at last week's World NOC Conference in London - see www.news.gov.tt/index.php?news=8256

"....the Ministry of Energy and Energy Affairs encouraged and facilitated a collaborative partnership with private sector interests that enabled a sharing arrangement for the Gorilla II Rig between Bayfield, NIKO Resources, SOOGL and Centrica. By way of this initiative 11 to 18 exploration wells will be drilled within the next year.

In addition, in February 2011, Bayfield Energy conducted a peer review of the conceptual well design for its upcoming exploration programme. In addition to inviting its joint venture partner (Petrotrin), the Ministry of Energy, and service companies, other Energy Companies operating in the area were also invited.

Participants of this open forum were encouraged to share their experiences and ideas for a fit for purpose design. This proved to be of tremendous value to not only Bayfield but all the participants present.

This is the kind of innovative thinking, strategic partnering and cooperation that we have fostered in our Energy Sector as a means of it becoming more robust and resilient to the challenges which now exist and which may come later.

This approach underlines part of our strategy to build collaboration as well as reduce operating costs for upstream operators, foster better relationships and allow for shared experience to further enhance the sector....."

Sounds like a good idea which has been well executed.

Cuthbert C

7th Jul '11

Just for context , here is a very high level/ simplistic overview of imminent drilling in Trinidad which mentions each of the following:-
Petrotrin
Parex
BP
EOG
Niko
Bayfield

Cuthbert C

7th Jul '11

Reference in energy-pedia back in 2009 gave some background to Bayfield's Trintes field project

"Bayfield Energy Limited and Trinidad and Tobago's state-owned oil company Petrotrin have signed a joint venture deal yesterday that includes the exploration of seven wells....Bayfied's Chief Executive Simon Gill said the company has an initial capital investment of US$109 million to carry out exploration in the 12,000 hectares of the Galeota Block off Trinidad's eastern coast, revitalization of the Trintes Oilfield and refurbishment of four offshore platforms.

"We have a good background in revitalizing fields and that's what we plan to do at Galeota and hopefully increase the existing reserves," he said at the signing ceremony. Bayfield ...has a 65% working interest in the Galeota block and is the operator of the Galeota asset while Petrotrin holds a 35% non-operating interest....Petrotrin ...Chairman ...said the block is surrounded by prolific oil and gas fields. Trintes, which began production in 1972, has produced 22 million barrels of oil to date. The field currently has a daily production of 750 barrels of oil per day. ....""

Cuthbert C

11th Jul '11

RNS issued today

The Company has placed 214,579,442 Ordinary Shares at 60 pence per Share, with the total market capitalisation of the Company at the Placing Price on Admission set to be £128.7 million.

Gross Placing proceeds of £54.4m.

Admission to trading on AIM, a market operated by the London Stock Exchange, and unconditional dealings are expected to commence at 8.00 a.m. on 18 July 2011 under the ticker symbol BEH.

thegreatgeraldo

11th Jul '11

Isn't that badly worded at best? Surely they've placed c 91 mill shares & on listing there'll be c 214 mill shares listed, which would give a m/cap of £128 mill at the placing price?

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About the Author

Cuthbert C

26 comments

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