LONDON (ShareCast) - North American oil firm Rock Well Petroleum has decided to postpone its London float due to difficult market conditions.

The group said it is in advanced talks to secure private financing from a leading global institutional investor to fund its near-term development.

“Rock Well’s Board of Directors has taken the decision to defer our planned listing due to volatile and difficult market conditions,” said chief executive John Hoak.

“We remain very optimistic about Rock Well’s potential and prospects and continue to believe that our low-cost, unconventional approach to recovering stranded oil presents an attractive investment opportunity. We will keep our investors aprised of Rock Well’s progress with a view to returning to the market in the future,” he added.

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