About UsVerus Petroleum is an independent oil and gas company.

We are focused on building a full-cycle exploration and production company of scale by acquiring high quality, long life production assets that allow us to create value for our stakeholders through reinvestment in the UK Continental Shelf, and by increasing our exposure to development and exploration opportunities.

Formed in 2014, we have made significant progress toward delivering our strategy by completing three acquisitions in 2018.

We now have a material and diversified portfolio of assets and have grown production from approximately 1,500 barrels of oil equivalent per day (boepd) in January 2018 to approximately 18,000 boepd in December 2018, with a resource base in excess of 60 mmboe (million barrels of oil equivalent).

We have ambitious growth plans and with a strongly cash-generative business and access to significant equity, we are well positioned to make further acquisitions in the UKCS.

  • 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.
  • 2014
    • 2014 average production 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.
    • September - Bridge Energy UK renamed Verus Petroleum.
  • 2015
    • 2015 average production was 1,500 boepd with an average lifting cost of $15/boe.
    • July - Verus acquired Oyster Petroleum. 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.
  • 2016
    • 2016 average production 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.
    • 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.
    • October - entered into a Sale & Purchase Agreement with Maersk Oil to acquire an additional 9.8% interest in the Boa oil field.
  • 2017
    • 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's interest in the field to 11.35% and added around 1,200 boepd to Verus's production.
    • Verus announced Reserves Based Lending (RBL) facility of up to $150 million with Nedbank Limited.
    • June – Aker BP commenced a successful 2 well infill drilling campaign on the Boa field.
  • 2018
    • February – the Boa wells that were successfully batch drilled in June 2017 came on stream.
    • April - Verus announced the signing of SPAs for the acquisition of a 17% interest in the Alba oil field and a 47% interest in the Babbage gas field.
    • September - Verus announced the signing of a SPA for the acquisition of Cieco Exploration & Production (UK) Limited, giving it a 23.1% interest in the Western Isles Development Project, a 25.8% interest in the Hudson field, a 2.0% interest in the Brent Pipeline System and a 1.2% interest in the Sullom Voe oil terminal.
    • November – Verus completed the Alba and Cieco transactions and signed an amended and restated Reserves Based Lending Facility (RBL) with its existing lead Nedbank Limited and six new banks to the facility. The RBL was increased from up to $150 million to $500 million.
    • December - Verus completed the acquisition of the Babbage interest from Premier Oil.

Fast Facts

  • Total production approximately 18,000 boepd at end of 2018
  • Transformational production growth from approximately 1,500 boepd in January 2018 to approximately 18,000 boepd in December 2018
  • Resource base in excess of 60 mmboe
  • 3 acquisitions completed in 2018
  • 1 non-core asset sold in 2016
  • 2 wells drilled in the Boa field in 2017
  • Average lifting cost $8 a barrel
  • Interests in 6 producing assets in the UKCS
  • $0.5 billion invested in the UKCS in 2018

“The changing landscape in the UKCS is a natural evolution for a mature basin. We are operating in a crowded market, with many businesses searching for the same type of opportunities, but Verus is building a reputation for closing deals, supported by strong backers with real financial strength.”

Andrew McIntosh, General Counsel
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