Street Talk

Petro Australis Energy raises $24m for Cuban oilfield; eyes 2025 IPO

Sarah Thompson, Kanika Sood and Emma Rapaport

Jun 25, 2024 – 4.50pm

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Petro Australis Energy, a Perth-based oil developer that owns 100 per cent of an oilfield formerly owned by the Cuban government, has raised $24 million to set up its register for an ASX debut next year.

The pre-IPO round, finalised this week, saw the company sell preference shares at 20¢ apiece at a circa $84 million post-money valuation. The new investors now represent about 25 per cent of the register. Craig Burton, an early investor at ASX-listed Mader Group, owns 28 per cent of the company.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.