WARSAW (Reuters) – Polish oil venture Petrolinvest PROL.WA is in talks with private equity funds to sell up to $250 million worth of new shares to raise cash for drilling in Kazakhstan, its chief executive was quoted as saying on Tuesday.
The share issue, which may be approved by the end of this year, would reduce the stake of the company’s controlling shareholder, Polish businessman Ryszard Krauze, to below 20 percent, the daily Parkiet wrote, citing its calculations.
“We assume that the issue would be worth $150 to $250 million,” Petrolinvest Chief Executive Pawel Gricuk told Parkiet.
The cash would help the company to raise its crude output to 10,000 barrels per day, the daily said without giving sources.
Earlier this year the European Bank for Reconstruction and Development and hedge fund Blue Oak agreed to buy as much as $250 million in new shares of Petrolinvest. (Reporting by Piotr Skolimowski; Editing by David Holmes)