Chrysaor emerges in North Sea

Offshore staff

LONDON --The former team behind CH4 Energy have secured £100 million ($208 million) in funds for a new North Sea development company.

London-based Chrysaor Holdings is led by Phil Kirk, who co-founded CH4 in 2002. After building the company into a production operator in the UK and Dutch sectors, with net reserves of over 200 bcf, the business was sold to Venture Production in Aug. 2006 for€ 224 million ($324 million).

Chyrsaor will focus on developing and commercializing dormant oil and gas discoveries and incremental reserves. Kirk and his team also brought in technical, operational, and financial staff previously in place at CH4.

"The market and universe of opportunities has become more competitive, but we are confident that with the [financial] support of Natural Gas Partners and Barclays Capital, we can deliver another profitable growth story to be proud of," Kirk said.

11/05/2007