History


2017


  • On 31 January the acquisition of an additional 9.8% in the Boa oil field was completed. Including the increased Boa equity Verus production was approximately 2,500 boepd as at 1 February 2017 with an average lifting cost of $7/boe.

2016

  • 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

  • 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.

2014

  • 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

2013

  • 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