• 2017 average production was 1,650 boepd with an average lifting cost of $8/boe.
  • January – Completion of the transaction with Maersk Oil to acquire an additional 9.8% interest in the Boa oil field. This increased Verus interest in the field to 11.35% and added c. 1,200 bopd to Verus production. Verus also announced Reserves Based Lending (RBL) facility of up to $150 million with Nedbank Limited.
  • June – Aker BP commenced a 2 well infill drilling campaign on the Boa field. The wells were successfully batch drilled and came on stream in February 2018.


  • 2016 average production (excludes additional Boa equity) was 600 boepd with an average lifting cost of $16/boe.
  • January - production ceased from the Victoria gas field due to imminent decommissioning of host infrastructure. A Decommissioning Programme for the Victoria facilities will be prepared later in 2016.
  • May - to assist HitecVision in consolidation of its portfolio Verus acquired Spike Exploration UK which contained the Athena and Cairngorm interests.
  • October - Completed the sale of the Vulcan gas satellite fields to Independent Oil & Gas (see News for details).
  • October - entered into a Sale & Purchase Agreement with Maersk Oil to acquire an additional 9.8% interest in the Boa oil field.


  • 2015 average production was 1,500 boepd. All assets were cash-generative with an average lifting cost of $15/boe.
  • May 2015 - Production resumed from the Duart Field after more than two years of being shutdown due to maintenance work on the host Tartan Platform.
  • Verus acquired Oyster Petroleum in July 2015. Verus assisted HitecVision in consolidating its UK E&P portfolio and realising combined G&A savings after HitecVision decided to no longer invest in Oyster as a result of falling oil prices and declining exploration activity in the UK.
  • In response to the changing external environment of low oil prices and low deal flow, Verus reduced its G&A costs by approximately 30% by reducing the Board, Management Team, staff and contractor numbers.


  • Average production for 2014 was 900 boepd with an average lifting cost of $19/boe
  • April - Bridge Energy UK Limited supported by HitecVision acquires share capital from Spike Exploration
  • June – new management team on board
  • September - Bridge Energy UK changes name to Verus Petroleum


  • November - HitecVision portfolio company Spike Exploration completes the acquisition of Bridge Energy ASA
  • November/December - Bridge Energy ASA delisted from AIM, Oslo, LSE stock exchanges