Verus boosts stake in North Sea Alvheim tieback

Verus Petroleum has completed acquisition of Maersk Oil’s 9.8% interest in the Boa oil field on the North Sea median line between the UK and Norway.

Offshore staff

ABERDEEN, UKVerus Petroleum has completed acquisition of Maersk Oil’s 9.8% interest in the Boa oil field on the North Sea median line between the UK and Norway.

The deal lifts gives Verus 100% of the UK production, increases its share of the field to 11.35%, and lifts its production by about 1,500 boe/d.

Boa produces via four subsea wells tied back to theAker BP-operatedAlvheim FPSO in the Norwegian sector. Further development drilling is planned this year that should raise Verus’ share of production to about 2,500 boe/d in 2018.

In addition, the company has entered into a reserves based lending (RBL) facility of up to $150 million with Nedbank.

CEO Alan Curran said: “After two years of working through the industry downturn this milestone acquisition trebles the company’s production and, together with the RBL facility, sets us up for further deals over the coming months.”

02/10/2017

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