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Oil & gas exploration company Elephant Oil revises terms ahead of $7 million IPO

May 17, 2023

Elephant Oil, an early-stage oil and gas E&P focused on under-explored regions in Africa, raised the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed financials for the nine months ended March 31, 2023.

The Houston, TX-based company now plans to raise $7 million by offering 1.6 million shares at a price range of $4 to $5. The company has revised the offering several times since initially setting terms in August 2022, most recently filing to offer 1.5 million shares at a range of $4 to $5. At the midpoint, Elephant Oil will raise 2% more in proceeds than previously anticipated.

Elephant Oil is an independent oil and gas exploration-stage company focused on under-explored regions in Africa. Its current asset portfolio includes an exploration license onshore in the Republic of Benin, as well as an exploration license onshore in the Republic of Namibia. To date, Elephant Oil has not drilled any wells or generated any revenues.

Elephant Oil was founded in 2013 and plans to list on the Nasdaq under the symbol ELEP. Spartan Capital Securities is the sole bookrunner on the deal.