Britain is losing out as a result of its changeable energy policy. That’s the main takeaway from Samos Energy’s recent closing of a $230 million initial public offering.
On July 13, Samos Energy Acquisition Corporation announced the conclusion of its IPO of 23 million units, sold at $10 each to raise a total of $230 million. This number included an extra 3 million units that were bought due to high demand.
The IPO comes after the company shifted its attention from the UK to Africa and South America, when co-founder Jacques Tohme called out the problems on the North Sea that influenced his decision.
“The UK Treasury has become very unstable and lacks engagement with the industry,” Tohme said in 2023.
Tohme also noted a loss of confidence in Britain following its Energy Profits Levy on oil and gas enacted in 2022, which created a windfall tax, and a noticeable disinterest from the UK Treasury. Other North Sea-focused companies followed Samos’s example, shifting away from the UK or selling assets due to the unreliable framework.
