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Verus Petroleum Acquires Additional Interest in Boa Oil Field

Source: www.gulfoilandgas.com 10/20/2016, Location: Europe

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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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