People: Kelleher’s Mexican comeback plan
Bill Kelleher, the American oilman who helped found fallen AIM star Victoria Oil & Gas, is back tapping investors’ appetite for the resources sector. This time, the well-travelled Kelleher, who once drove regional exploration and production for controversial Russian oil giant Yukos, has switched his gaze from Central Asia to Central America and asked entrepreneurial investment concern Beaumont Cornish to raise £3 million from outside investors for New World Oil & Gas, a company focused on prospects in Mexico’s Yucatan Peninsula and Belize.
Under the guidance of Kelleher, who used to relate how he was in Yukos’s head office when Vladimir Putin sent in the military to remove its computers, Victoria picked up oil and gas assets in Kazakhstan and Siberia. However, things turned sour and the shares have plunged from around 70p to 4.75p now.
Still chaired by Kelleher’s long-time associate, the well-regarded Kevin Foo, Victoria has switched its prime focus to Cameroon’s producing and promising Logbaba gas project in West Africa. New World should offer a bracing ride.
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