Scotsman.com | Business Management
Caithness Petroleum, the oil and gas explorer with operations in the Moray Firth, Morocco and Texas, is continuing to target an initial public offering (IPO) after narrowing its full-year losses.
Writing in the company’s annual report, chairman David Donnelly said: “We will complete an IPO when market conditions allow and work is well under way in order that we may achieve this.”
Pre-tax losses for 2011 fell to $9.8m (£6m), from $40.2m the previous year. London-based Caithness had mulled a flotation last year, but only if market conditions were “favourable”.
