Elephant Oil, an early-stage oil and gas E&P focused on under-explored regions in Africa, lowered the proposed deal size for its upcoming IPO on Thursday. The company originally filed in March 2022 but planned to offer warrants, so it was not eligible for tracking.
The Houston, TX-based company now plans to raise $7 million by offering 1.4 million shares at a price range of $4 to $5. The company had most recently filed to offer 1.8 million units at a range of $4.15 to $5.15, with each unit containing one share of common stock and one warrant. At the midpoint of the revised range, Elephant Oil will raise 24% less in proceeds than previously anticipated.
Elephant Oil is an independent oil and gas exploration-stage company focused on under-explored regions in Africa. Its current asset portfolio includes an exploration license onshore in the Republic of Benin, as well as an exploration license onshore in the Republic of Namibia. To date, Elephant Oil has not drilled any wells or generated any revenues.
Elephant Oil was founded in 2013 and plans to list on the Nasdaq under the symbol ELEP. Spartan Capital Securities is the sole bookrunner on the deal.
