- Companies
- Zennor Petroleum
Zennor Petroleum Acquisition, Valuation, Funding & Investors
Zennor Petroleum was acquired by NEO Energy for $625M in March 2021.
Zennor Petroleum acquisition price
$625M
Acquired by NEO Energy · Mar 2021
Cumulative funding Zennor Petroleum raised
$100M
across 1 funding round
Key investors in Zennor Petroleum
Kerogen Capital
About Zennor Petroleum
Zennor Petroleum is an independent exploration and production company operating assets in the UK North Sea. It holds licenses in the Central North Sea including the Greater Warwick Area with P1921 well discoveries. Guildford-headquartered since 2015, Zennor focuses on low-risk development drilling.
Founded
2006
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$625M (acquired Mar 2021)
Sectors
Zennor Petroleum Acquisition
Zennor Petroleum was acquired by NEO Energy for $625M on 8 March 2021.
Before the acquisition Zennor Petroleum had raised $100M across 1 funding round.
Zennor Petroleum Limited was an independent oil and gas company owned by private equity firm Kerogen Capital, with operations focused on the UK Continental Shelf (UKCS) in the North Sea. The company's portfolio included non-operated interests in several producing fields including Mungo & Monan, Britannia, Bacchus and Cormorant East, along with a 100% operated interest in the flagship Finlaggan development project and interests in near-field discoveries. The company's net production was expected to exceed 20,000 barrels of oil equivalent per day once Finlaggan came onstream. NEO Energy, backed by investment firm HitecVision, agreed to acquire Zennor Petroleum for total consideration of up to $625 million, including deferred and contingent payments. The deal was announced in March 2021 and completed later that year. This acquisition was strategic for NEO as it increased the company's portfolio of operated assets in the North Sea, providing greater control and capital allocation flexibility. The transaction followed NEO's acquisition of a major portfolio of non-operated assets from ExxonMobil valued at approximately $1 billion, announced in February 2021. Following completion, the Zennor team joined NEO Energy, bringing the combined company's headcount to over 180 people. The combined portfolio was expected to deliver production growth from approximately 80,000 barrels of oil equivalent per day in 2021 to between 90,000 and 100,000 boepd in the period 2022-2026. The deal enhanced NEO's technical and operating capabilities while diversifying its producing asset base, achieving an approximate 60/40 oil-to-gas weighting.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 8 Mar 2021 | PE buyout | $625M |
Zennor Petroleum Funding History
Zennor Petroleum has raised a total of $100M across 1 funding round.
Zennor Petroleum funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Aug 2015 | Undisclosed stage | Kerogen Capital | $100M | Zennor Petroleum Limited is a UK-based exploration and production (E&P) company focused on the North Sea, founded in 2006 (previously named MPX) with a management team led by Martin Rowe, Rod Crawford, and James Henry, headquartered in Guildford, UK. In August 2015, Kerogen Capital made its first investment from Kerogen Energy Fund II, L.P., committing an initial US$100 million, with potential total commitments up to US$400 million alongside limited partners. Following the investment, Kerogen became the majority shareholder alongside Zennor management. Proceeds were designated for developing existing assets and expanding the portfolio through acquisitions, farm-ins, and licensing rounds. The investment occurred amid favorable market conditions in the UK North Sea, including lower asset pricing, reduced operating costs, and an improving fiscal environment, creating actionable opportunities due to funding distress and illiquidity. Kerogen Capital, established in 2007, specializes in international oil and gas private equity with about US$1.6 billion in invested and committed capital at the time, backed by blue-chip institutions. Post-investment, Zennor evolved into a full-cycle E&P player, appraising and developing the Finlaggan field, acquiring producing assets, and securing licence awards. By 2021, ahead of its sale to NEO Energy and HitecVision for up to $625 million (including deferred and contingent payments), Zennor held c.40 mmboe net 2P reserves, over 90 mmboe net 2C resources, interests in producing fields like Mungo & Monan, Britannia, Bacchus, and Cormorant East, and operated the flagship Finlaggan project, with net production expected to exceed 20,000 boepd in Q4 2021 upon Finlaggan startup. Kerogen had ultimately invested around $300 million by later stages. |
Who has invested in Zennor Petroleum?
1 investor has backed Zennor Petroleum across its funding rounds, including Kerogen Capital.
Zennor Petroleum Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Zennor Petroleum investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialZennor Petroleum Competitors
Zennor Petroleum competitors include listed companies like PetroRecôncavo, New Era Energy & Digital, Granite Ridge Resources and WIP Terminal, and private ones like Petronas (50% stake in two Brazil offshore fields) and PURE Technologies LLC.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $614M | $339M | $630M | 1.6x | ||
| Publicly listed | $885K | ($24M) | $619M | 774.4x | ||
| Publicly listed | $450M | $273M | $652M | 2.0x | ||
| Publicly listed | - | - | $653M | - | ||
| Private | - | - | $900M | - | ||
| Private | $92M | $15M | $397M | 4.3x |
Zennor Petroleum Public Comps
Zennor Petroleum is no longer listed, but its public comps include PetroRecôncavo, New Era Energy & Digital, Granite Ridge Resources, WIP Terminal, WhiteHawk Minerals, VAALCO Energy, W&T Offshore, EnQuest, Gulf Keystone Petroleum and Ramaco Resources.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $614M | $339M | 1.5x | 1.6x | 2.8x | 3.3x | |||
| $885K | ($24M) | 637.5x | 774.4x | (23.5x) | (22.6x) | |||
| $450M | $273M | 2.4x | 2.0x | 3.9x | 3.1x | |||
| - | - | - | - | - | - | |||
| $73M | $7M | 11.5x | - | 112.2x | - | |||
| $359M | $92M | 2.5x | 2.1x | 9.7x | 4.7x | |||
| $501M | $54M | 1.6x | 1.4x | 14.8x | 4.8x | |||
| $1.1B | $894M | 1.4x | 1.3x | 1.7x | 2.5x | |||
This data is available for Pro users. Sign up to see all Zennor Petroleum competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zennor Petroleum
| When was Zennor Petroleum founded? | Zennor Petroleum was founded in 2006. |
| Where is Zennor Petroleum headquartered? | Zennor Petroleum is headquartered in Guildford, United Kingdom. |
| Is Zennor Petroleum publicly listed? | No, Zennor Petroleum was acquired by NEO Energy in March 2021. |
| Who acquired Zennor Petroleum? | Zennor Petroleum was acquired by NEO Energy in March 2021. |
| How much was Zennor Petroleum acquired for? | Zennor Petroleum was acquired for $625M in March 2021. |
| How much funding has Zennor Petroleum raised? | Zennor Petroleum has raised $100M across 1 funding round. |
| What was Zennor Petroleum's last funding round? | Zennor Petroleum's last funding round was a $100M undisclosed-stage round in August 2015. |
| Who are Zennor Petroleum's investors? | Zennor Petroleum's investors include Kerogen Capital. |
| Which companies are comparable to Zennor Petroleum? | Companies comparable to Zennor Petroleum include PetroRecôncavo, New Era Energy & Digital, Granite Ridge Resources, WIP Terminal, Petronas (50% stake in two Brazil offshore fields) and PURE Technologies LLC. |
See companies similar to Zennor Petroleum
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