Venari cashes up from private equity

Cash injection: Venari rolls in PE dough

Privately held US Gulf of Mexico player Venari Resources has received $1.3 billion in new financing from a raft of private equity investors.

Dallas-based Venari will use the new financing to appraise and develop the Anadarko-operated Shenandoah and Coronado discoveries, it said in a statement.

Venari holds 10% non-operated interests in both discoveries in the Walker Ridge area of the US Gulf.

Original investors in Venari, including Warburg Pincus, Kelso & Company and The Jordan Company, as well as Singapore state-owned investment firm Temasek, were joined by new investors, including Singapore sovereign wealth fund GIC and BlackRock Private Equity Partners for the second round of financing.

The new financing brings Venari's war chest to $2.4 billion in equity commitments. The deep-water explorer was formed in May 2012 through a $1.1 billion line of equity.

Venari is the 12th largest leaseholder in the deep-water Gulf of Mexico with 55 prospects across 190 leases.

The Brian Reinsborough-led company is focused on the oil-prone sub-salt region in the US Gulf.

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