History


2018


  • At year end, following acquisitions and divestments in the course of 2018, Verus held producing interests in the Western Isles, Boa, Babbage, Alba and Hudson fields. 2018 average production for these fields was 15,550 boepd with an average lifting cost of $11/boe.
  • February – Aker BP completed a 2 well infill drilling campaign on the Boa field. The wells were successfully batch drilled and came on stream in February. Subsequent production has been slightly above expectations.
  • April – Verus announced the signing of SPAs to acquire a 47% interest in the Babbage gas field from Premier Oil and a 17% interest in the Alba oil field from Equinor. The Babbage acquisition included the Cobra/Python licences where a well will be drilled in 2019 to prove up additional gas reserves that would be developed through Babbage. Equinor will retain their liability for the decommissioning cost of the existing Alba facilities.
  • September - Verus signed a SPA with Itochu to acquire Cieco UK. This acquisition included 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. Verus completed the divestment of its 4% interest in the Cormorant East oil field to Zennor.
  • November 2018 - 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 new banks are DNB Bank ASA, Lloyds Bank plc, BMO Capital Markets, Commonwealth Bank of Australia, Skandinaviska Enskilda Banken AB and Royal Bank of Scotland plc.
  • December – Verus completed the acquisition of the Babbage interest from Premier Oil.

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 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

  • 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.
  • 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