Who needs public markets when private investors are so generous?

Laricina Energy, which has talked about a 2012 IPO, is so flush with cash it is now making clear that it’s not rushing for a stock listing.

With a massive $554-million working capital kitty, the company can “be measured and strategic as we plan our eventual outreach to public markets,” chief executive Glen Schmidt said this week at the company’s annual general meeting.

“We are grateful to our private equity investors for their support,” he said, adding that the company is “considering the full range of capital sourcing” to finance its $470-million in expected capital and operating expenses this year.

Among the company’s considerations, he said, are favourable market conditions, a continued faith in its projects and a healthy balance sheet. And, he made clear, public markets are only one way to address those needs: “these considerations mean we continue to review private equity and possible debt options available which could best position us for a public market opportunity.”

In other words, don’t hold your breath on an IPO. With energy out of favour in markets, and a growing grey market in trading private company shares, Laricina is in no hurry at all.