Norway-based investment fund HitecVision has announced that the merger between its portfolio companies Core Energy, Spike Exploration and Pure E&P has been completed, and the new company Point Resources is formally established and operative.
HitecVision in January announced the merger of its portfolio three companies to form a mid-sized independent oil company focused on the Norwegian Continental Shelf. CEO Roar Tessem leads a team of more than 50 employees at offices in Oslo and Stavanger.
According to HitecVision’s statement on Wednesday, Point Resources is a new full-profile E&P company on the Norwegian Continental Shelf, with $300 million in new capital to fund growth through acquisitions and business developments over the next five years.
The company’s license portfolio includes a production base of about 9,000 barrels of oil equivalent per day; 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 exploration portfolio.