We have partnered companies in the exploration and production (E&P) sector since 1996.  Our first investment was in Venture Production, now listed on the London Stock Exchange.  We followed this with investments in two southern North Sea gas production businesses – Highland Energy (sold to the German utility company RWE in 2002) and CH4 (sold to Venture Production in 2006). 

Two E&P companies that we’ve successfully guided to an IPO include:

• 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.

We’re currently supporting the profitable growth of four E&P companies:

• Our investment in Norwegian independent Noreco helped to fund the acquisition of exploration and production assets in the North Sea.  The company’s management team includes former senior executives with ConocoPhillips and BP.

• Salamander Energy is a broad E&P company with assets in Indonesia and Thailand.  Our investment will help the company grow a balanced portfolio across South East Asia.

• Energy Development Partners develops fallow and stranded fields in the North Sea.  The investment deepens our longstanding relationship with visionary entrepreneur Larry Kinch.

• Faroe Petroleum has been awarded licenses to drill exploration wells in the much-sought-after deepwater Faroese continental shelf.