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VERUS ANNOUNCES COMPLETION OF SALE OF VULCAN SATELLITE DISCOVERIES


October 28, 2016

Verus Petroleum are pleased to announce the completion of the sale of its interests in the Vulcan satellite gas fields (Vulcan East, Vulcan North West and Vulcan South) to Independent Oil and Gas plc.

Verus is focused on the creation of value through the acquisition of production assets and, ultimately, through development.
Commenting on the deal, Verus’ CEO Alan Curran said:

“The completion of the sale of these discoveries to IOG is an important further step in re-shaping our portfolio consistent with the Verus strategy to focus initially on building a portfolio of quality producing assets before investing in development opportunities. This transaction is also aligned with the OGA objective of “getting the right assets into the right hands”. We wish IOG success in the development of these fields.”

VERUS ANNOUNCES SIGNING OF SPA FOR ACQUISITION OF NON-OPERATED INTEREST IN THE ALBA OIL FIELD FROM STATOIL


April 27, 2018

Verus Petroleum is pleased to announce the signing of a Sale & Purchase Agreement (SPA) for the acquisition of a 17% non-operated interest in the Alba oil field from Statoil. This acquisition adds approximately 2,700 boepd to Verus’s daily production. Statoil will retain their liability for the decommissioning cost of the existing Alba facilities and Verus will be liable for the decommissioning costs of any new Alba facilities. The Alba field is located in the Central North Sea.

The transaction will be funded by a combination of debt and existing cash. Verus’s existing lender Nedbank Limited supports the transaction and the existing Reserves Based Lending (RBL) Facility will be increased and amended to allow for the participation of several additional banks who are also supportive of the transaction.
Commenting on the deal, Verus’s CEO Alan Curran said:

“Verus is pleased to have signed this SPA with Statoil. This transaction builds upon our Boa acquisition, which we completed last year and our successful Boa infill well drilling program. The addition of the Alba asset materially increases our net production to ~6,300 boepd and our reserves from 6.5 to 16 MMboe. The transaction is consistent with the Verus strategy of expanding our production base and cash flow. Both Boa and Alba are long life assets with strong cash generation. Verus will look to reinvest this cash flow in further production and development opportunities.”

The transaction is subject to the satisfaction of existing joint venture partners and regulatory approvals and is expected to complete in the middle of 2018.

Verus is focused on the creation of value through the acquisition of high quality production assets and, over time, through increased exposure to development projects.

VERUS ANNOUNCES COMPLETION OF ACQUISITION OF ADDITIONAL INTEREST IN BOA OIL FIELD AND NEW RBL


January 31, 2017

Verus Petroleum is pleased to announce the Completion of its acquisition of Maersk Oil’s 9.8% interest in the Boa oil field. This acquisition increases Verus’s interest in the Boa field to 11.35% and adds approximately 1,500 boepd to Verus’s daily production. The Boa field is a median line field and with this transaction Verus now holds 100% of the UK portion. The Boa field is developed with 4 subsea wells tied back to the Alvheim FPSO, located on the Norwegian side of the median line. Further development drilling is planned in 2017 which is expected to increase Verus’s share of production to around 2,500 boepd in 2018.

Verus is also pleased to announce that it has entered into a Reserves Based Lending (RBL) facility of up to $150 million with Nedbank Limited.

The transaction has been funded by a combination of equity and a drawdown from the RBL facility.

Commenting on the deal, Verus’s CEO Alan Curran said:

“Verus is pleased to have completed the Boa transaction and to have put in place the RBL to support this and future transactions. The Boa acquisition is consistent with the Verus strategy of expanding our production base and cash flow. After two years of working through the industry downturn this milestone acquisition trebles the company’s production and, together with the RBL facility, sets us up for further deals over the coming months.”

Verus is focused on the creation of value through the acquisition of high quality production assets and, over time, through increased exposure to development projects.

VERUS ANNOUNCES COMPLETION OF SALE OF VULCAN SATELLITE DISCOVERIES


October 28, 2016

Verus Petroleum are pleased to announce the completion of the sale of its interests in the Vulcan satellite gas fields (Vulcan East, Vulcan North West and Vulcan South) to Independent Oil and Gas plc.

Verus is focused on the creation of value through the acquisition of production assets and, ultimately, through development.
Commenting on the deal, Verus’ CEO Alan Curran said:

“The completion of the sale of these discoveries to IOG is an important further step in re-shaping our portfolio consistent with the Verus strategy to focus initially on building a portfolio of quality producing assets before investing in development opportunities. This transaction is also aligned with the OGA objective of “getting the right assets into the right hands”. We wish IOG success in the development of these fields.”

VERUS ANNOUNCES ACQUISITION OF ADDITIONAL INTEREST IN BOA OIL FIELD


October 20, 2016

Verus Petroleum is pleased to announce the signing of a sale and purchase agreement with Maersk Oil North Sea UK Limited for the acquisition of Maersk Oil’s 9.8% interest in the Boa oil field. This acquisition will increase Verus’s interest in the Boa field to 11.35% and adds approximately 1,800 boepd to Verus’s daily production. The Boa field is a median line field and with this transaction Verus will hold 100% of the UK portion. The Boa field is developed with 4 subsea wells tied back to the Alvheim FPSO which is located on the Norwegian side of the median line.

Commenting on the deal, Verus’s CEO Alan Curran said:

“This acquisition is consistent with the Verus strategy of expanding our production base and cash flow. After two years of working through the industry downturn this milestone acquisition trebles the company’s production and sets us up for further deals over the coming months.”

Verus is focused on the creation of value through the acquisition of high quality production assets and, over time, through increased exposure to development projects.

VERUS ANNOUNCES SALE OF VULCAN SATELLITE DISCOVERIES


June 10, 2016

Verus Petroleum are pleased to announce the signature of a sale and purchase agreement (SPA) with Independent Oil and Gas plc for the sale of its interests in the Vulcan satellite gas fields (Vulcan East, Vulcan North West and Vulcan South).

Verus is focused on the creation of value through the acquisition of high quality production assets and, ultimately, through development.

Commenting on the deal, Verus’ CEO Alan Curran said:

“The sale of these discoveries to IOG is consistent with the Verus strategy to focus initially on expanding our portfolio of quality producing assets before investing in development projects. This transaction helps bring our portfolio of assets in line with our business plan. We wish IOG success in the development of these fields.”

VERUS ANNOUNCES DEAL WITH CLUFF NATURAL RESOURCES.


May 10, 2016

Verus Petroleum are pleased to announce the conclusion of a sale and purchase agreement (SPA) and exclusive option agreements (Options) with Cluff Natural Resources.  Under the SPA and Options, Cluff will acquire an initial 5% share from Verus in the Fynn & Penny exploration licences in the Outer Moray Firth with options to acquire the remaining 20% in Fynn & Penny and all of Verus’ 25% stake in the Central North Sea exploration licence at Skerryvore.

Verus is focused on the creation of value through the acquisition of high quality production assets and, ultimately, through development.

Commenting on the deal, Verus’ CEO Alan Curran said:

“The transaction between Verus and Cluff aligns these attractive exploration licences with the business drivers of both companies and we wish Cluff every success in their exploration programme.  From the beginning of the Verus journey we have focused on bringing our portfolio of assets in line with our business plan and this deal moves us significantly along that path.  We see tremendous opportunity to grow a successful UKCS business in the prevailing industry conditions”