Valentia Exploration North Sea Limited (“VENS”) is a wholly-owned subsidiary of Valentia Exploration & Production Limited (“VEPL”).
VEPL was incorporated in Jersey, Channel Islands in September 2001 with the aim of pursuing oil and gas exploration and development projects.
Throughout late 2001 and 2002, VEPL carried out a number of corporate and asset acquisitions that resulted in it acquiring 100% legal and beneficial interests in a number of exploration blocks in Turkey (both in Thrace and in the east of the country) together with the 100% legal and beneficial interest in a producing asset also in Turkey; namely the Selmo Field.
Over the next few years, VEPL undertook a drilling a restructuring programme that rescued and revived the declining Selmo Field. VEPL converted an under-performing asset laden with significant debt into a debt-free and profitable asset producing in excess of 1 million Bbl/Yr of high quality crude. VEPL also undertook exploration drilling elsewhere in Turkey.
Having created significant value for shareholders and investors, VEPL monetised the same by way of an IPO disposal of all Turkish assets in late 2005.
From 2006 to 2010, the principals of VEPL were largely engaged in other activities while continuing to look for new opportunities for investment and evaluation for clients.
In 2011, VENS was incorporated in England with the aim of pursuing a specific opportunity in the North Sea that had been identified. In October 2011, VENS was duly approved by the UK Department of Energy and Climate Chance (DECC) as a suitable entity to act as an operator in the North Sea.
VEPL and VENS bring together a number of high-performing and respected industry professionals, all of whom have 20+ years’ experience in oil and gas. This experience spans working for oil “majors” as well as smaller companies and in consulting capacities. this scope covers most oil-producing regions of the globe and, covers all relevant disciplines including geological, geophysical, technical, drilling, health & safety, environmental, commercial, legal, marketing and sales.