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.
“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