Norwegian private equity outfit HitecVision has merged three of its exploration and production companies into one firm, Point Resources.
Point Resources combines Core Energy, Spike Exploration and Pure E&P and has US$300 million in new capital to fund growth through acquisitions and business developments over the next five years.
HitecVision says the company starts life with a strong license portfolio, including a production base of about 9000 boe/d; significant holdings in several discoveries that are expected to be developed over the coming years: Pil (45%), Garantiana (30%), and Snilehorn (17,5%); as well as an interesting exploration portfolio.
CEO Roar Tessem leads a team of more than 50 employees at offices in Oslo and Stavanger.