Mittal-backed African oil firm preparing for 2bn London float

An oil company backed by NRI steel tycoon Lakshmi Mittal and a South African politician imprisoned with Nelson Mandela is preparing for a USD 2 billion 1.2 billion pounds London float,the Sunday Times reported.

Ophir Energy was set up in 2004 and has quietly built up a portfolio of oilfields across Africa,from Tanzania to Congo Brazzaville and Equatorial Guinea.

The company plans to raise up to USD 500 million by selling a quarter of its shares in a public offering before the summer to fund the development of several recent finds,the report said.