Dunraven Resources

  • Exploration & Production company focused on North Africa & Middle East
  • 2% holding
  • Owns permit with 100m estimated barrels of oil
  • Buy and hold strategy. Aim is near term listing

In December 2017, Eight Peaks acquired a small interest in Circle Oil Tunisia, which owns the, El Mediouni East and Central oil asset in the Mahdia Permit located in the Gulf of Hammamet off the Tunisian coast, in exchange for its interest in Manas Resources.

Circle Oil Tunisia underwent a restructuring process following the liquidation of its parent company, Circle Oil Plc, and is now under new management. Up to 2016, Circle Oil Plc invested heavily in the El Mediouni oil asset. In August 2014, Circle Oil Plc announced a potential large discovery following preliminary results which were internally estimated by Circle Oil Plc as potentially recoverable prospective resources of approximately 100m barrels of oil.

In June 2018, Eight Peaks reported that in late December 2017 Circle Oil Tunisia was acquired by Dunraven in a share swap. This resulted in Eight Peaks having a 2.0% stake in Dunraven. Dunraven’s strategy is to participate in exploration and production projects. Tunisia is the initial focus of Dunraven’s activities, where it enjoys established, strategic relationships.

The management team is headed by Alex MacDonald who has more than three decades of oil & gas business and City experience. He has founded and brought companies to AIM and has held senior positions in Whitman‐Howard Limited’s oil and gas team and Libertas Capital Corporate Finance LLP. He also has experience with oil majors including Conoco Inc. and Chevron Corporation. Dunraven’s Board and Executive team have a strong background in exploration and production and strong reputations and relationships with major oil companies and governments at senior levels.

Dunraven has already developed an ambitious 18 month work programme for El Mediouni, including a drilling programme. It is also in negotiations with a major services company to be their technical partner. Additionally, Dunraven intends to make further acquisitions.

In line with Eight Peaks’ historic transaction based valuation policy, Eight Peaks holds its stake of 2.0% at £175,000. This policy does not take any account of investee companies’ progress, nor of their further prospects since the latest transaction.

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