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. Last Updated: 07/27/2016

Khanty Eyes $100M in U.S. IPO

WASHINGTON — Khanty Mansiysk Oil Corp. has filed with the U.S. Securities and Exchange Commission for an initial public offering of common stock, hoping to raise $100 million.

Khanty, a New York-based company that produces and markets crude oil from the Khanty-Mansiisk autonomous district of western Siberia, wants to use the net proceeds to redeem notes and for general corporate purposes, including capital expenditures, the filing said Friday.

The exact number of shares being sold to the public and the price range will be revealed later in another filing. Khanty seeks a Nasdaq listing under the symbol "KMOC." It hired UBS Warburg and J.P. Morgan to jointly manage the IPO.

The company currently holds production licenses to nine fields in the Khanty-Mansiisk district, one of the largest hydrocarbon basins in the world, according to the filing. Of the nine fields, three are currently producing.

The region covers about 3.37 million square kilometers east of the Ural Mountains. Major hydrocarbon reserve discoveries in the area began 40 years ago, and since then, according to the Russian government, more than 50 million barrels of oil have been produced from the basin's reservoirs.

Some of Khanty's biggest backers include Britain's Enterprise Oil PLC, with 9.3 percent, the filing said.

Khanty was co-founded in 1993 by John Fitzgibbons, who currently serves as the company's chief executive officer and president.