Chrysaor Raises Funds for Irish Exploration

Irish explorer Chrysaor Holdings reported Friday that it has successfully raised $175 million in equity investment. The new funds will be used to finance what the company describes as a "high impact portfolio" of exploration assets in Quad 35 off the west coast of Ireland, as well as acquisitions.

The completion of the financing also sees the addition of two new non-executive directors to Chrysaor's board: John Hogan, managing director at Argos Resources and chairman of both Hurricane Energy and Celtique Energie; and Bob Edwards, managing director at Natural Gas Partners.

Quad 35 already contains two proven discoveries – the Spanish Point gas/condensate field and the Burren oil field – as well as several prospects and leads in the Upper Jurassic and Lower Cretaceous intervals. Chrysaor farmed out to Cairn Energy a 38-percent interest in its Spanish Point licenses in early May, retaining a 36-percent interest itself, in return for which Cairn will participate in and promote the drilling of up to two wells and a 3D seismic program.

Chrysaor also confirmed Friday that its Solan field on the UK Continental Shelf remains on target to achieve first production in 2014. Meanwhile, the firm is currently evaluating commercial export solutions for its Phoenix gas condensate field located in the Moray Firth basin, offshore Scotland.

Chrysaor CEO Phil Kirk commented in a company statement:

"We are very pleased to have successfully secured material further funding in what remains a difficult environment for E&P companies trying to raise capital. The new investment firmly endorses the team track record and the potential within our exciting portfolio. It also puts us in a very strong position to take advantage of acquisition and development opportunities as they arise."

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