Buchanan is delighted to be advising EnergyPathways plc (AIM: EPP), a UK focused integrated energy transition company, who commenced trading on AIM on the London Stock Exchange on Wednesday, 20th December 2023.
As part of the process of admission to trading on AIM (“Admission”), the company has raised gross proceeds of £2m through the issue of 50,000,000 new ordinary shares of £0.01 each at an issue price of 4 pence per share, equating to a market capitalisation of approximately £6.32million on Admission.
EnergyPathways is initially focused on the “ready to go” development of the 46Bcf Marram gas field which is in Morecambe Bay in the UK Irish sea. The field is a simple low-cost tie-back to existing infrastructure development in shallow water with an attractive NPV10 of c.£100 million, greater than 70% rate-of-return and less than 12 months payback.
The company has identified additional short cycle development potential similar to Marram targeting around 134Bcf in adjacent fields, with additional reserve potential of up to 2Tcf of overlooked gas resources in the same area.
The company has identified the UK Irish sea as being uniquely positioned to be a hub for energy transition solutions with opportunities to utilise existing O&G and new renewables infrastructure to provide energy storage, hydrogen production and flexible power generation. By listing in London and establishing a strong resource portfolio in the area EnergyPathways intends to position itself to be a key player supporting the UK meet it energy security and net-zero objectives.
Buchanan advised EPP through the RTO process and achieved widespread, supportive media coverage across national, investment and trade publications.
Commenting on Buchanan’s role in the RTO process, CEO and co-founder Ben Clube said:
“Buchanan played a critical role in supporting EnergyPathways through the Listing process. Their strategic input in the crafting of the equity story messaging and the development of a communications strategy has been very effective in helping to drive awareness of EnergyPathways to our target audiences. We look forward to working with Buchanan as we begin our journey as an AIM listed business.”
