12 Jul 2021

Kerogen Capital announces completion of Zennor Petroleum sale to NEO Energy

Kerogen Capital (“Kerogen”) and Zennor Petroleum Limited (“Zennor”) are pleased to announce today the completion of the previously announced sale of Zennor to NEO Energy Upstream UK Limited (“NEO”) who are backed by HitecVision for a total consideration of up to $625 million, including deferred and contingent payments.

Kerogen and Zennor were advised on the sale by Citigroup Global Markets Limited as their financial advisor and CMS Cameron McKenna Nabarro Olswang LLP as their legal advisor.

Jason Cheng, CEO and Managing Partner of Kerogen Capital, commented:

We are pleased to have partnered with the Zennor team to create a business that has significant cashflow generation potential as well as further growth optionality. We would like to thank the Zennor team for their immense contributions during this journey. We deeply value the relationships we have developed with the team over the past years and we wish them, as well as NEO, every success going forward.

Martin Rowe, Managing Director of Zennor Petroleum, commented:

Today is another step along the road for the Zennor team, and I am heartened by the number of us who have decided to join NEO. We are pleased to have delivered a profitable monetisation for our shareholders and would like to thank Kerogen for their valuable support over the last 6 years. I would also like to thank our lenders, the OGA, our key contractors and our license partners and operators for their ongoing help and support in developing our portfolio and delivering this transaction.