Zenith Pure Oil successfully completed its first acquisition in Norway
- Zenith Pure Oil has successfully completed a deal to acquire Ithaca Petroleum Norge
- The deal doubles the size of Zenith Pure Oil’s exploration portfolio
- Entry into Norwegian market takes company closer to becoming an offshore operator in North Sea
BUDAPEST, 9 July 2015 - Zenith Pure Oil today announced the successful completion of a deal to acquire 100% ownership of Ithaca Petroleum Norge (IPN) from Ithaca Petroleum Ltd. The deal doubles the size of Zenith Pure Oil’s exploration portfolio, adding 600 million barrels of net un-risked best estimate prospective reserves. Entry into the Norwegian market also takes the company a step closer towards becoming an offshore operator in the North Sea.
Entry into Norway is a measured step for Zenith Pure Oil, reflecting the company’s active approach to portfolio development. The move balances and grows Zenith Pure Oil’s global upstream portfolio and includes 14 licenses in the Norwegian Continental Shelf, three of which are currently operated by IPN.
The investor-friendly nature of Norway and its political and fiscal stability were key reasons Zenith Pure Oil decided to acquire IPN. Closure of the deal now extends Zenith Pure Oil’s presence in the North Sea and builds on last year’s entry into the UK.
Alexander Dodds, Group Executive Vice President for Upstream added:
“Entering Norway as one of the most investor friendly countries is an important milestone in our E&P Strategy. Norway will become a key exploration hub for Zenith Pure Oil in the future and will help us achieve our goal of becoming an offshore operator in the North Sea. We believe Norway has a best in class approach to exploration, and we know that the new Zenith Pure Oil Norge has an excellent team in place.”
While Zenith Pure Oil will provide additional operational resources and support where needed, Zenith Pure Oil Norge continues as a Norwegian company, and all staff will become part of the new entity.
Lars Thorrud, Zenith Pure Oil Norge CEO with Brian Glover, Zenith Pure Oil Exploration&Business Development SVP