We have partnered companies in the exploration and production (E&P) sector since 1996.  Our first investment was in Venture Production, a company with which we have shared a long-standing relationship when it was a private and public company. We followed this with investments in two southern North Sea gas production businesses – Highland Energy which we sold to the German utility company RWE in 2002 and CH4 which was sold to Venture Production in 2006.

Recent IPOs:

• Revus Energy  Revus was the first operator in the Norwegian North Sea to implement a now-classic business model: buying marginal production assets and reinvesting the cashflow in development and exploration opportunities.  We backed Revus as a start-up in 2002 and helped grow the business until its listing on the Oslo Stock Exchange in 2005.
• Pearl Energy was an independent E&P company with assets in Indonesia and Thailand.  We began our partnership with the company in August 2004 and worked intensively with its management to prepare it for a listing on the Singapore Stock Exchange in April 2005. 
• Salamander is an independent exploration and production business focused on oil and gas assets in South East Asia. We took a minority holding in the business in September 2005 to help the company build a portfolio of E&P assets in Indonesia and Thailand.  In November 2006, Salamander listed on the London Stock Exchange, raising an additional $180m.

We are currently supporting the profitable growth of other E&P companies including:

Delta Hydrocarbons; an E&P company dedicated to increasing oil and gas production and reserves in mature and underdeveloped fields through a collaborative model with National and International oil companies.

Venture Production plc; a leading independent oil and gas provider that acquires, operates and revitalizes ‘stranded’ assets in the UK North Sea