The United States Capital Competes for Venezuelan Oil Field, Aiming to Create Nasdaq's First NOC

On June 13, the Financial Times reported that a U.S. investment group is capitalizing on the window of opportunity opened by former President Trump’s earlier bid to oust Maduro to compete for control of Venezuela’s underutilized oil fields. Miami-based hedge fund Lionheart Capital has taken the lead, signing a letter of intent to merge its publicly traded shell company, Lionheart Holdings, with Keo Energy— which holds oil field assets in Venezuela. Sources familiar with the matter said the merger would create the first Venezuela-focused oil company listed on the Nasdaq, offering a direct investment channel for U.S. and institutional investors. The report notes that Lionheart plans to take the combined oil firm public at a valuation of roughly $1 billion. Lionheart Holdings raised $230 million in capital back in 2024. Sources added that negotiations remain in early stages and have not been finalized, so the deal could still fall through. Lionheart Holdings plans to hold a shareholder vote next week to secure more time to find an acquisition target; failing that, the company may face liquidation.