African explorer Ophir Energy is planning to raise about $400 million through an initial public offering (IPO) to fund exploration drilling in Africa, Financial Times reports. The floatation is expected to value the company at about $1 billion.

Credit Suisse, JPMorgan Cazenove and RBC Capital Markets have been appointed as the joint bookrunners of the deal. Lexicon Partners is the financial adviser to the company.

Click here for the story from Financial Times.

Click here for the additional coverage from Reuters.