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 lead to a focused change in the Company’s investment strategy. This change has seen the company aggressively seek opportunities for investment in the energy and resources sector.
In 2009, Verus acquired a 45% Joint Venture working interest in the Fausse Point Exploration Project. Fausse Point is located onshore, approximately 140 kms west of New Orleans and we are expecting production to start in June, 2010.
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' partners and Bongo's project operators, Caza Petroleum, have secured more than 4,100 acres of land adjacent to, and geologically down dip, from the West Wharton Field.
The West Wharton Field has produced nearly 10 BCK of gas and the Verus board believes that Bongo has the identical structural and stratigraphic setting to West Wharton.
Whilst there is ample upside in the Fausse Point and Bongo projects to deliver a satisfactory outcome, Verus is actively pursuing additional investment opportunities including appraisal and development resource and energy based investment options.