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Coastal Africa Group Ltd started trading on the AIM market in London on Wednesday, becoming the largest company to debut on the junior market so far in 2026. Coastal Africa is a newly incorporated, British Virgin Islands-registered company set up to invest in energy projects in West Africa. It doesn’t yet have any operations. Its initial search for acquisitions will target offshore West Africa, specifically Nigeria and Angola, and it said it intends to make a first acquisition within 18 months. In its initial public offering, Coastal Africa raised £17.4 million from the sale of 10.8 million new shares at 161 pence each. It has a market capitalisation of £218.7 million at its IPO price. Coastal Africa shares were quoted at 200.00p on Wednesday, based on a bid-offer spread of 100.00p to 300.00p, but no trades had concluded by mid-morning. The company remains closely held with 93% of its shares not in public hands. Crest Trust, which is owned by the wife and children of Chief Executive Officer Conrad Clauson, has an 83% stake, while Non-Executive Chair Peter Kimpel holds 4.6% and investment bank Joh Berenberg Gossler & Co KG 4.7%. Additionally, BP Oil International Ltd, a subsidiary of the London-based oil major BP PLC, subscribed for £10 million in convertible loan notes issued by Coastal Africa. In parallel, the two firms entered an exclusivity agreement for the offtake and marketing of crude oil and condensate produced by Coastal Africa’s projects. Back in 2008, Clauson invested in Coastal Energy Co, a Houston, Texas-based oil and gas company operating in Thailand, which was acquired in 2014 by Compania Espaaola de Petroleos SAU for an enterprise value of C$2.3 billion, or $1.7 billion. ‘Our approach is founded on the integration of upstream, evacuation and marine capabilities, which we believe can enhance operational efficiency, reduce execution risk and support stronger asset economics,’ Clauson said on Wednesday. ‘We see a significant opportunity across shallow-water West African projects.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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