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Market Chatter: Oryx Seeks C$350 Million in Canada IPO

"Addax & Oryx Group Ltd., the energy firm established in 1987 by billionaire Jean Claude Gandur, plans to raise about C$350 million ($346 million) in a Canadian initial public offering for its oil exploration business in Africa, according to two people familiar with the sale," Bloomberg reported.

It reported: "Oryx Petroleum Corp. Ltd. plans to sell shares next month, said the people, who asked not to be identified because the terms aren't public. The Calgary-based company filed documents with Canadian regulators last month for the IPO, which is led by Royal Bank of Canada, Barclays Plc and Bank of America Merrill Lynch."

It said: "Oryx Petroleum holds stakes in license areas in Iraq and West Africa, according to a March 13 filing. The company was founded in 2010 by Addax & Oryx and members of the former senior management team of Addax Petroleum Corp., an exploration and production unit sold to China's Sinopec Group in 2009.

It added: "Gandur said in a February interview that he planned to sell shares to the public for Oryx Petroleum and list on the Toronto Stock Exchange. An e-mail message to Craig Kelly, chief financial officer of Oryx Petroleum, wasn't immediately returned."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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