Verus Petroleum announced on 20 September 2018 that it has signed a Sale and Purchase Agreement to acquire CIECO Exploration and Production (UK) Ltd, a wholly owned subsidiary of ITOCHU Corporation. The consideration for the deal is USD 400 million with an economic date of 1 January 2018. The acquisition includes a 23.1% interest in the Western Isles development (Harris and Barra), 25.8% in the Hudson field, 2% in the Brent pipeline and 1.2% in the Sullom Voe Terminal. CIECO held 12% in the Verbier discovery in licence P2170 but it has been confirmed that this asset is not part of the deal. The acquisition of the producing assets will add approximately 11,000 boe/d to the Verus portfolio. The transaction is subject to regulatory approvals and is expected to complete in the fourth quarter 2018.
Verus announces an agreement to acquire from Itochu its subsidiary Cieco E&P for US$ 400MM. This includes a 23,1% interest in the Western Isles devt project (Harris + Barra oilfields) and 25,8% in the Hudson field (both in P472). It will add ab. 11,000 boe/d to Verusâ daily production.