Philip Yea to hit stock market with oil and gas fund

Yea is the chairman and senior partner of Maycastle Energy, which is in line to raise £200m via a stock market listing.

He has assembled a team of former colleagues and experts, including Graeme Sword, former head of the 3i's oil, gas, and power division in Aberdeen, Colin Burnett, ex-3i director, Scott Martin, an oil and gas executive, and Ken McHattie, chief executive officer at Energy Development Partners.

Maycastle intends to make up to eight investments if it achieves its £200m target. It will focus its attention on companies throughout the UK and Europe that provide oil services as well as oil and gas exploration and production.

Yea's tenure at 3i ended in disappointment as its share price dropped 73% between 2008 and 2009. As a result, Yea chose to pay the company's shareholders around £800 million, which left 3i with considerable debts after the financial crisis.

Designated advisors to Maycastle include Numis Securities while J.P. Morgan Cazenove will serve as a joint broker.  The fund will operate a closed-ended structure and is incorporated in Gurnsey.

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