OQEP is Oman’s largest pure-play oil and gas exploration and production company and its only upstream oil and gas operator wholly owned by the Government of Oman. It is a key part of global energy company OQ. Founded in 2009, the Company’s 655 employees (as of June 30, 2024) focus exclusively on the exploration, drilling, and extraction of oil and gas in the Sultanate. OQEP has a proven track record of growth, with production volumes increasing nearly 14 times by 2023 from the Company’s inception, and successful collaboration with leading international energy companies.
The Company’s operations are closely aligned with Oman’s Vision 2040 framework, driving Oman’s economic growth by maximising the use of its natural resources. Entrepreneurship and an ESG-centric perspective define the company’s strategy and its approach to new projects. For more information about OQEP, please visit: www.oqep.om.
Subscribe now through our Mobile App
| Name | OQ Exploration and Production SAOG (under transformation) |
|---|---|
| Commercial registration number | 1069417. |
| Date of registration | 20 May 2009. |
| Registered office | P.O. Box 200, Postal Code 102. |
| Principal place of business/headquarters | Knowledge Oasis Muscat KOM/Al Seeb/Muscat Governorate. |
| Duration | Unlimited. |
| Financial Year | Commences on 1 January and ends on 31 December each year. |
| Issued share capital | OMR 80,000,000 divided into 8,000,000,000 Shares with a nominal value of Bzs 10 per Share. |
| Number of Shares offered for subscription (Offer Shares) | 2,000,000,000 Shares, representing 25 per cent. of the Company’s total Issued Share Capital. |
| Type of Shares offered for subscription | All the Shares issued by the Company and the entire equity capital of the Company consist only of ordinary shares. Each single Share carries the right to one vote at any general meeting, including any AGM, OGM or EGM. |
| Category I Subscription | Price Range Bzs 370 to Bzs 390 per Offer Share. |
| Category II Subscription |
|
| Offer Price | The final offer price for the Offer Shares, which will be discovered through a bookbuilding in the Category I Offer. The Offer Price shall be determined within the limits of the Price Range as determined in “Chapter XIX—Subscription Conditions and Procedures”. |
| Percentage of the total Issued Share Capital on Offer | 25 per cent. of the Issued Share Capital of the Company. |
| Name of the Selling Shareholder and number of Shares being sold | OQ SAOC: 2,000,000,000 Shares, representing 100 per cent. of the Offer Shares. |
| Purpose of the IPO | The Company and the Selling Shareholder are undertaking the IPO as part of the divestiture of a minority stake in the Company by the Selling Shareholder in accordance with the Government’s divestment programme. |
| Persons eligible for the Category I Offer Shares | Category I Applicants, as described in “Chapter XIX—Subscription Conditions and Procedures” of this Prospectus. |
| Persons eligible for the Category II Offer Shares | Category II Applicants, as described in “Chapter XIX—Subscription Conditions and Procedures” of this Prospectus. |
| Minimum limit for subscription by each Applicant |
|
| Maximum limit for subscription by each Applicant |
|
| Maximum limit for subscription by each Anchor Investor | 400,000,000 Offer Shares (equivalent to 20 per cent. of the Offer Shares). |
| Category I Offer Opening Date | 30 September 2024. |
| Category I Offer Closing Date | 10 October 2024. |
| Category II Offer Opening Date | 30 September 2024. |
| Category II Offer Closing Date | 9 October 2024. |
| Pricing Date | 17 October 2024. |
| Settlement Date | On or about 24 October 2024, or such earlier date as may be notified by the Joint Global Coordinators. |
| Listing Date | On or about 28 October 2024, or such earlier date as may be notified by the Joint Global Coordinators. |
| Date of EGM for approval of the IPO | 8 September 2024. |
| Financing Amount | Processing Fees (RO) | Total Processing Fees including 5% VAT (RO) |
|---|---|---|
| 500 to 2,500 | 5 | 5.25 |
| 2,501 to 5,000 | 10 | 10.50 |
| 5,001 to 10,000 | 25 | 26.25 |
| 10,001 to 25,000 | 70 | 73.50 |
| 25,001 to 50,000 | 95 | 99.75 |
| 50,001 to 100,000 | 115 | 120.75 |
| 100,001 to 250,000 | 310 | 325.50 |
| 250,001 to 500,000 | 600 | 630.00 |
An IPO, or initial public offering, is when a private company offers its shares to the public for the first time. IPO may be done to raise capital for the company or to sell the ownership of existing shareholders. IPO is normally open to institutions and individual investors. The company willing to issue an IPO appoints an Issue Manager and Issues a Financial Services Authority (FSA) approved prospectus or the offering document to elicit interest in the company’s shares. Once the issue is opened and the funds are raised, the shares are listed in Muscat Securities Exchange (MSX) and it become available for trading. Investors can apply through Sohar International Mobile Banking and or visit our branch for more details.
Investing in an Initial Public Offering (IPO) presents a significant opportunity for investors seeking to engage with the growth potential of new or emerging companies. The advantages of participating in an IPO include:
Investing in an Initial Public Offering (IPO) offers a compelling opportunity for investors interested in new or emerging companies. Key benefits include:
Access to Competitive Pricing: Acquire shares at a lower price before market trading begins.
Sector Exposure: Gain access to new sectors or industries with high demand and profitability.
Potential for Capital Appreciation: Sell shares at a premium if demand exceeds supply or if the company performs well after going public.
This approach can enhance portfolio diversification and align with market trends.
Institutions (Category I Applicants):
The Category I Offer will be open in Oman to Local Applicants and Non-Local Applicants only who have their accounts with Muscat Clearing & Depository (MCD).
Application Process: