Point Resources launches in Norway

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.

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