Verus Petroleum are pleased to announce the conclusion of a sale and purchase agreement (SPA) and exclusive option agreements (Options) with Cluff Natural Resources.
Under the SPA and Options, Cluff will acquire an initial 5% share from Verus in the Fynn & Penny exploration licences in the Outer Moray Firth with options to acquire the remaining 20% in Fynn & Penny and all of Verus’ 25% stake in the Central North Sea exploration licence at Skerryvore.
Verus is focused on the creation of value through the acquisition of high quality production assets and, ultimately, through development.
Commenting on the deal, Verus’ CEO Alan Curran said:
“The transaction between Verus and Cluff aligns these attractive exploration licences with the business drivers of both companies and we wish Cluff every success in their exploration programme. From the beginning of the Verus journey we have focused on bringing our portfolio of assets in line with our business plan and this deal moves us significantly along that path. We see tremendous opportunity to grow a successful UKCS business in the prevailing industry conditions.”