Chatterjee Fund Management increased its stake in U.S. liquefied natural gas (LNG) developer Tellurian Inc. to 7.3%, a filing with the Securities and Exchange Commission showed on Dec. 27, up from 5.2% previously.
The Marshall Islands investment firm described the latest purchases of the Tellurian shares as an investment and not an attempt to control the company.
Chatterjee bought almost 13 million shares between Dec. 13 and Dec. 22, days after Tellurian ousted its chairman and co-founder Charif Souki. The purchases brought the company's total holdings to 46.1 million shares.
Tellurian shares rose 7.5% to $0.9485 on Dec. 27.
The company did not immediately respond to a request for comment.
Some of the purchases took place weeks after auditors raised doubts about Tellurian's ability to cover future expenses.
Souki helped create the U.S. LNG export market in 1996 after seizing on discoveries of vast amounts of shale gas. He turned his former company Cheniere Energy from an LNG importer into a major exporter but was unable to repeat the same success at Tellurian.
Souki was replaced as Tellurian's chairman by fellow co-founder Martin Houston and has parted ways with the company following a settlement of more than $8 million.
Chatterjee was founded in 1989 by Purnendu Chatterjee, a former investment adviser to entities in the Quantum Group of Funds.
The private equity firm invests in petrochemicals, pharmaceuticals, biotech, financial services and real estate, according to the company's website.
Recommended Reading
Novo II Reloads, Aims for Delaware Deals After $1.5B Exit Last Year
2024-04-24 - After Novo I sold its Delaware Basin position for $1.5 billion last year, Novo Oil & Gas II is reloading with EnCap backing and aiming for more Delaware deals.
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
Mighty Midland Still Beckons Dealmakers
2024-04-05 - The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.
Enverus: Permian Gains Will Sustain US Oil Production Through 2030
2024-05-09 - Crude output gains from the Permian Basin will keep U.S. oil production relatively flat entering the 2030s, offsetting declines from mature oily basins, according to Enverus Intelligence Research.
Life on the Edge: Surge of Activity Ignites the Northern Midland Basin
2024-04-03 - Once a company with low outside expectations, Surge Energy is now a premier private producer in one of the world’s top shale plays.