Spin-out company float
IP2IPO Group PLC
26 February 2004
IP2IPO Group Limited
OFFSHORE HYDROCARBON MAPPING ANNOUNCES ITS INTENTION TO FLOAT ON THE ALTERNATIVE
INVESTMENT MARKET OF THE LONDON STOCK EXCHANGE
IP2IPO Group plc (AIM: IPO) ('IP2IPO'), the intellectual property company that
commercialises university technology, is pleased to announce that Offshore
Hydrocarbon Mapping Limited ('OHM') (formerly known as ACTIVEem Limited), a
spin-out company from the University of Southampton that uses electromagnetic
sounding techniques as a novel means of offshore oil surveying, has today
announced its intention to float on the AIM market of the London Stock Exchange
plc by way of a placing. IP2IPO holds a 15.9% equity stake in OHM.
The press release issued today by OHM is reproduced below:
For immediate release: 26 February 2004
Offshore Hydrocarbon Mapping Limited announces intention to float on the
Alternative Investment Market
Offshore Hydrocarbon Mapping Limited ('OHM'), a provider of remote
electromagnetic sensing services designed to detect the presence of offshore oil
and gas, has announced its intention to float on London's Alternative Investment
Market (AIM).
KBC Peel Hunt Ltd has been appointed as nominated advisor and broker to the
company.
OHM was formed to commercialise technology resulting from over 30 man-years of
academic research, at Cambridge University and at University of Southampton's
prestigious Oceanography Centre. The technology underwent proof of concept
trials in 2000, and the first fully commercial survey was undertaken by OHM in
2002 on behalf of a major US oil company, which, in June 2003, entered into a
service contract with the company for the provision of dedicated deep water
exploration services.
Dave Pratt, Chief Executive, commented: 'We are delighted to be seeking a
listing on AIM, as we look to take the company to the next stage in its
development. The recent appointment of our Chairman, Dr Pierre Jungels, enhances
the strength of our management team, which I believe has the commercial and
technical expertise to deliver on our strategy of becoming the leaders in EM
surveying techniques and delivering value to our clients in the oil and gas
exploration and production industry.'
Ends.
For further information, please contact:
Peter Reilly/Patrick d'Ancona, Aquila Financial 020 7849 3319/3326
www.ohmsurveys.com
Notes to editors
OHM's survey method transmits an electromagnetic field into the earth, which is
modified by the presence of subsurface resistive layers. These changes in the
field are measured and the resulting data is processed to provide information on
the resistive structure of the subsurface. Because hydrocarbon accumulations are
generally very resistive, this method can indicate the presence of oil and gas
in deep water situations, and can detect and map the edges of such
accumulations. This reduces the risk of drilling non-commercial exploration
wells and can reduce the need for appraisal drilling, thereby creating
considerable value for oil explorers.
As the company needed to expand into a larger facility, OHM recently moved its
headquarters to new premises on The Offshore Technology Park at Bridge of Don,
Aberdeen, where it will be building dedicated workshops for receiver calibration
and maintenance. It retains a presence in Southampton.
For more information contact:
IP2IPO
David Norwood, Chief Executive Officer 020 7071 4348
OHM
Dave Pratt, Chief Executive Officer 0870 429 6583
Aquila Financial (for OHM)
Peter Reilly, Patrick d'Ancona 020 7849 3319/3326
Buchanan Communications (for IP2IPO)
Tim Anderson, Mark Court, Mary-Jane Johnson 020 7466 5000
Notes to editors
IP2IPO
IP2IPO is an intellectual property (IP) company that specialises in
commercialising university technology. The Company has already formed four
long-term partnerships with UK universities and listed on AIM in October 2003.
IP2IPO's first such collaboration was with the University of Oxford. In return
for an investment of £20 million, IP2IPO has acquired 50 per cent of the
University of Oxford's equity in spin-out companies and technology licences
based on intellectual property created at the Chemistry Department until 2015.
In March 2002, IP2IPO Limited entered into a second long-term partnership with
the University of Southampton. Under the terms of this partnership, IP2IPO is
committed to working with the University of Southampton in the identification
and facilitation of spin-out companies from across the University of Southampton
and to investing £5 million in early-stage University of Southampton spin-out
companies over a four year period in return for equity stakes in those
companies. In addition, IP2IPO Limited also received a 20 per cent stake in
Southampton Asset Management Limited, a company that has been formed to hold the
University's equity stakes in its future spin-out companies. The partnership has
a term of at least 25 years.
IP2IPO Limited entered into its third long-term partnership in May 2003 with
King's College London. IP2IPO Limited will work with King's College London to
help identify and progress commercialisation opportunities as well as invest £5
million in King's College London's spin-out companies over a five year period in
return for equity stakes in those companies. In addition, IP2IPO Limited will
receive 20 per cent. of King's College London's equity in spin-out companies and
technology licenses. The partnership has an initial term of 25 years.
In October 2003, IP2IPO announced a fourth partnership with the Centre for Novel
Agricultural Products ('CNAP'), based at the University of York. CNAP is a
flagship research centre that specialises in plant and microbial gene discovery.
Under the terms of the partnership a new company, Amaethon Limited, has been
created which has the right to commercialise CNAP's IP for 25 years. IP2IPO
Limited has committed to invest £1.15m in Amaethon Limited in return for a one
third equity stake in Amaethon Limited (the remaining equity being owned by the
University of York) and will also invest in the spin out companies based on
CNAP's IP which Amaethon Limited creates.
This information is provided by RNS
The company news service from the London Stock Exchange
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