Kerogen sells Zennor Petroleum to trade

The deal is valued at a total consideration of up to $625m, including deferred and contingent payments, according to a statement.

Kerogen invested in Zennor (which was formerly known as E&P) in August 2015 in a deal that valued the company at around $100m. Kerogen invested via Kerogen Capital Fund II, which held a final close in August 2016. The fund closed alongside its parallel funds and related co-investment funds, which had total commitments of $830m.

The GP invested alongside Unigestion, which deployed equity via its Direct Opportunities 2015 vehicle. According to a statement issued at the time, the two GPs were able to commit up to $300m for future projects.

Kerogen said in a statement that growth during the investment period came from investment and projects including the development of Zennor's Finlaggan site.

Company
Founded in 2006, Zennor is an oil and gas company headquartered in Guildford. The company focuses on the exploration, appraisal, development and production of hydrocarbons.

People
Kerogen Capital – Jason Cheng (CEO, managing partner).
Zennor Petroleum – Martin Rowe (managing director).

Advisers
Vendor – Citigroup (corporate finance); CMS (legal).

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• Unigestion