Tersus Energy invests in Proteus Energy Corporation, an oil field efficiency
business
AIM listed energy investment and advisory firm Tersus Energy plc ('Tersus') has
announced the completion of the first phase of its strategic investment in
Proteus Energy Corporation, a California-based oil company engaged in the
redevelopment of marginal oil fields in the United States, via a USD 100,000
participation in a private equity placement. The transaction is its first since
the company changed its name from MCC Energy plc on 1 November.
Tersus is in negotiation to invest up to a further USD 500,000 via a convertible
note as part of a larger placement. The further commitment will be subject to,
inter alia, receiving an option to co-invest with Proteus in specific oil field
redevelopment projects.
Proteus Energy Corporation is a Los Angeles based company focused on the
acquisition and redevelopment of shut-in and marginally producing oil and gas
properties. The Proteus business model is based on identifying suitable wells
and fields for refit to achieve improved extraction capability and efficiency.
Proteus uses commercially proven production technology with lower operating
costs to increase production rates and in some cases increase recoverable
reserves thus increasing the efficiency of production and reducing unit
production costs. Once the property re-development has been completed and field
operations stabilized demonstrating the well and field's restored value, the
company expects to sell a number of the properties and reinvest the sales
proceeds in further such projects.
Steven Levine, Chief Executive at Tersus Energy, commented: 'Our decision to
invest in Proteus reflects our view that the current energy environment offers
economically attractive opportunities in the redevelopment of marginal and shut
in oil fields which utilizes a variety of improved efficiency technology
techniques with relatively low associated risk.
"The current and envisaged further investments in Proteus are consistent with
our strategy of identifying and investing in companies with strong growth
potential in the energy efficiency sector.
"This agreement, following our recent investments in DynaMotive Energy Systems
and in Tang Group, is part of our continuing pipeline of transactions in the
Energy Efficiency and Alternative Fuels/Renewable sectors."
-Ends-
Notes to Editors
Tersus Energy is an energy investment and advisory business that acquires
majority or active minority interests in energy assets and technologies and
which provides integrated strategic and financial advisory services, including
capital raising, business development, and mergers and acquisitions related
advice, to established and emerging energy companies based on principally in
North America and Europe.
The company received approval from shareholders to change its name from MCC
Energy plc at an EGM on 1 November. Tersus means 'clean' in Latin and is
therefore a very suitable name for the company's investment activities in its
chosen areas of energy efficiency and alternative/renewable energy.
For further information, please contact:
Nick Fox / Patrick d'Ancona, M: Communications 020 7153 1540 / 1547
This information is provided by RNS
The company news service from the London Stock Exchange
