Mariners Rescued from Disabled Barge Off Rhode Island
Three mariners were rescued from a disabled barge off the coast of Point Judith, Rhode Island on Wednesday after their tug sank. The U.S. Coast Guard reports that watchstanders at...
Gulf of Mexico-focused deepwater exploration and production company Venari Resources says it has raised an additional $1.3 billion in equity commitments bringing the total raised to $2.4 billion less than two and a half years after the company was formed.
Dallas, TX-based Venari said in a statement Wednesday that it has received the additional investments from founding private equity and investment firms Warburg Pincus, Kelso & Company, Temasek and The Jordan Company, as well as several new investors including GIC, Singapore’s sovereign wealth fund, and BlackRock Private Equity Partners. The second round of funding follows the $1.1 billion line of equity announced when the company was formed at the end of the two-year drilling moratorium in May 2012. The company is led by deepwater E&P expert Brian Reinsborough.
Venari says the funding will be used to further appraise and develop the sizeable Coronado discovery and potentially giant Shenendoah discovery in the Walker Ridge area of the Gulf of Mexico, both of which were discovered last year, as well as execute its on its high-impact exploration inventory.
Venari added that its strategy of non-operated exploration in the deepwater Gulf of Mexico has enabled it to form partnerships with some of the most successful explorers in the region, including Chevron Corporation (NYSE: CVX), ConocoPhillips (NYSE: COP) and Anadarko Petroleum Corporation (NYSE: APC).
Less than two and half years after formation, Venari is now the 12th largest leaseholder in the deepwater Gulf of Mexico with a multi-year drilling program covering 55 prospects across 190 leases.
“We are proud of Venari’s accomplishments to date and believe that this new capital commitment positions the Company well for continued growth,” said Brian Reinsborough, President and Chief Executive Officer of Venari Resources. “We welcome the support from our world-class investors and look forward to working closely with them as we execute our business plan and progress toward our goal to build an outstanding E&P company.”
Join the 62,596 members that receive our newsletter.
Have a news tip? Let us know.