Acquisition of Zennor Petroleum and investment by Kerogen Capital

We are pleased to announce the completion of the acquisition of Zennor Petroleum Limited (“Zennor”) (formerly MPX E&P Ltd) and its subsidiaries by a newly incorporated entity managed by Kerogen Capital (“Kerogen”). Kerogen is an independent private equity fund manager focussed on the international oil and gas sector with approximately US$1.9 billion across its managed funds.

Kerogen has made an initial commitment of US$100 million to Zennor which will be used to fund the Company’s existing assets and to expand the portfolio by way of new acquisitions, farm-ins and licencing rounds. Zennor’s existing portfolio includes a 100% interest in the Finlaggan gas-condensate discovery in the Central North Sea, and the focus going forward will be on the commercialisation of discovered resources.

In completing this deal the Company was advised by Bond Dickinson, with Challenge Energy Ltd (part of the SLR Group) and MHW Associates Ltd acting as transaction co-advisors.