Zennor Petroleum Limited (“Zennor”) is an independent oil company operating in the North Sea.
In August 2015 the company was acquired by the Kerogen Energy Fund II, a private equity fund managed by Kerogen Capital (“Kerogen”). Kerogen made an initial equity commitment of $100 million and, following the acquisition of interests in three producing assets and a successful appraisal well, this commitment was increased to $300 million in 2016.
Currently Zennor has net production of approximately 2500 boepd with a healthy profit margin in the current oil/gas price environment.
With only $130 million of equity invested to date, and no debt, Zennor is in a strong financial position to continue to build towards our goal of constructing an offshore North West European portfolio delivering over 10,000 boepd from a resource base of over 100mmboe 2P/2C.