Gemini II Oil and Gas Fund has raised $140 million from the BVI-based Gemini I

Gemini Oil & Gas G.P. Limited (Gemini I) has announced the final close of Gemini Oil & Gas Fund II, L.P., which took place on October 31, 2006, raising a total of US$140.275 million.
Alastair Woodrow, a founding partner of Gemini Oil & Gas Advisors LLP, which include fund of funds, endowment funds, family offices and corporate investors from the US, the UK and Europe, has commented, “We are very pleased to have attracted such a broad group of high quality investors – which for some represented their first investment in oil and gas real assets. The significant amount of money raised endorses both the ongoing investment strategy and the team developed for Gemini I.”

Simon Oddie, Co-Founder of Gemini Oil & Gas Advisors LLP, has added, “We are seeing a very strong deal flow on the back of increased exploration and appraisal activity particularly in the North Sea, and Gemini II is ideally suited to capitalise on these and other investment opportunities.”

Gemini I is a closed-ended international oil and gas royalty fund, which was registered in the British Virgin Islands in June 2000, and had its first closing in November 2000. Gemini II is an international oil and gas royalty fund which was established in Jersey, Channel Islands, in June 2005, and had its first closing in July 2005. Gemini II has raised investor commitments of the total amount US$ 140 million, which is a significant increase in size from the BVI-based Gemini I, that raised US$30 million of capital. All of that amount was committed to projects, as Gemini I developed a strategy of acquiring oil and gas fields through provision of investment funds to companies. The BVI-registered fund has completed ten investments in eight countries, and is receiving revenues from nine investments.

It is expected that Gemini II will invest more in the projects in Western Europe, Central and Eastern Europe, North and West Africa. The timing of Fund operations will be eight years, with a four year investment period. The Fund has already made two investments since the close.

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