HitecVision-backed Verus bolts on Cieco

Cieco is a subsidiary of Itochu, a Japanese trading house. The acquisition will add the equivalent of 11,000 barrels of oil to Verus's daily production.

The transaction will be funded by equity from Verus, existing cash reserves and debt. Verus's main lender Nedbank supported the transaction, and the existing reserves-based lending facility – an asset-backed facility used in the oil and gas sector – will be increased and amended to allow for the participation of additional banks that are supporting the transaction. The facility was originally up to $150m.

Company
Verus was formed in 2013 after HitecVision portfolio company Spike Exploration acquired Bridge Energy, which then renamed its UK business Verus Petroleum.

Cieco is a London-based oil exploration and production firm established in 1992 and was hitherto a subsidiary of Itochu Corporation.

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• UK / Ireland
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