Which sources of capital offer small-mid cap oil companies the greatest chance of investment?

In preparation for the World Independent Oil Companies Congress I asked key speakers their thoughts on ‘Which sources of capital offer small-mid cap companies the greatest chance of investment’.  Here are their responses from the end of 2011:

**Mikhail Ivanov, CEO, Volga Gas

Public markets are accessible.  There are always investors who want to balance their portfolios with some risky but potentially highly rewarding investments.

Bank debts are possible at later stage to develop discoveries. Personal savings, friends and family type is an “awkward animal” here; high capital requirements right at the beginning make FaF investments very rare or short lived

**Andrew Buglass, Head of Energy Structured Finance, Corporate & Institutional Banking, RBS

Equity, the likes of Gemini, bank lending, depending of status of company (e.g. exploration, appraisal, development, production) 

Debt will become more available again in due course. At present it’s probably equity and/or farm-ins, with senior still debt scarce and mezzanine/hybrid debt provided by very few. 

**Alec Robinson, President, Taipan Resources

There is a continuous debate about the pros and cons of a listing.  A listing provides the company with access to funds from both institutional investors and individual investors.    It also engenders sound financial discipline, transparency, and internal policies that support good corporate governance.

Do you agree with their comments?

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