Kampac Oil Middle East plans to float its Senegalese assets next year in New York and Dubai, its chairman said.

The Dubai-based oil and gas firm with assets in Africa plans to sell off 50 per cent of its equity in transactions worth up to $2 billion, chairman Charles Ampofo said.
A private placement for around 20 per cent of the stock will be followed by an initial public offering on the New York Stock Exchange for a further 30 per cent of the firm, which plans to float two of its assets: Senegalese offshore oil and gas blocks, St Louis and Louga.
"We want to do more studies on the blocks so people get an even better idea of what we are offering," Ampofo said.
He is also considering a dual listing at the same time on Dubai International Financial Exchange, a regional bourse open to foreign investment launched in Dubai.
The firm, owned by Ampofo and four other directors, initially considered raising around $500 million in the IPO and private placement, but the chairman said the value of the sale could rise to $2 billion, depending on the size of the proven reserves in the West African blocks.
The three-dimensional seismic studies on the blocks, scheduled for completion in two months, will confirm the oil and gas reserves located in Kampac's acreage.
Kampac says the blocks contain around 400 million barrels of oil and between 3-6 trillion cubic feet of natural gas.
Another Dubai-based oil firm with assets in Africa, Al Thani Investments, said in June it would seek to list its exploration and production assets on London's Alternative Investment Market by mid-2006.
"We're based in Dubai, where things are going well, so it would be nice to have a dual listing here too," said Ampofo.