Company Profile
Verus Investments Limited (Verus) is an Australian listed company which is actively pursuing low-risk, high-impact investments in the oil and gas sector, both domestically and offshore.
The strong belief of the Verus Board in the “stronger for longer” commodities cycle has led to a focused change in our investment strategy. This change has seen the company aggressively seek opportunities for investment in the energy and resources sector.
Figure 1 - USA project locations
Verus has a 72% Joint Venture working interest in the Fausse Point Exploration Project. Fausse Point is located onshore, approximately 140km west of New Orleans. Planning is now underway for a second well as part of the Fausse Point project.
In June 2010, Verus invested approximately A$1 million to earn a little over a 9.3% working interest in the Bongo Prospect, located onshore in a gas rich region in Wharton County Texas.
Verus followed this investment by its acquisition of Pass Petroleum in August 2010. This gave Verus a broader portfolio of projects, with interests in the cash producing Bullseye project and exploration project Bowtie.
Verus Investments also secured a 10% working interest in the Sidi Dhaher Prospect in central onshore Tunisia. The Sidi Dhaher-1 well was spudded on 27 August 2011 and work is now underway to test the well's oil flow rate. Other zones of interest at Sidi Dhaher may also be investigated.
In May 2011, the Verus board agreed to take a 15% working interest in the Lyons Point Prospect, operated by Clayton Williams Energy. Lyons Point is located in Acadia Parish, Louisiana. The Pruittet el al #1 Well spudded on 13 September 2011 and has a target depth of 16,300 feet.