Oil startup founded by ex-Goldman Sachs executive plans $67M London IPO

A new oil exploration and production company, 1947 Oil & Gas Plc, is preparing to list on London’s Alternative Investment Market (AIM) next month with a £50 million ($67 million) initial public offering. The company, founded by former Goldman Sachs commodities chief Jeff Currie, will offer shares at approximately 10 pence each, giving it an implied market capitalization of about £64 million. Currie, a high-profile energy strategist known for his market calls during his 23-year tenure at Goldman Sachs, will serve as a non-executive director. The firm is also pursuing a $65 million acquisition of Renaissance Offshore, a privately held Gulf of Mexico operator producing roughly 3,350 barrels of oil equivalent per day from shallow-water fields off Louisiana. If the deal closes, Renaissance will serve as a platform for further acquisitions of mature Gulf assets, which 1947 believes are undervalued due to years of underinvestment. Renaissance operates 11 producing fields, 23 offshore platforms, and 88 active wells, with company estimates suggesting it could generate over $150 million in operating cash flow through the end of 2028. The acquisition would position 1947 to capitalize on the structural tightness in oil markets, exacerbated by recent Middle East conflicts, according to company materials. The company’s name references the year the first offshore oil well was drilled in the Gulf of Mexico beyond sight of land. U.S. offshore production remains a key growth area, contributing about 2 million barrels per day—15% of total U.S. oil output—despite the dominance of shale production. Executive chairman Tim Duncan, founder and former CEO of Talos Energy Inc., and president Ivan Murphy, a former Cove Energy founder, round out the leadership team. Renaissance’s current president and finance chief, Brian Romere, is expected to assume the same roles at 1947 post-acquisition.