HitecVision, the leading oil and gas focused private equity investor, announced today an agreement to provide an equity line of USD 150 million to the independent oil and gas company Core Energy AS.
Core Energy is a start-up oil and gas company established with the aim of capturing the value potential in and around mature oil and gas fields on the Norwegian Continental Shelf (NCS). The company will seek to acquire interests in producing fields on the NCS and create value through focusing on increased oil and gas recovery, near field exploration and adjacent field developments. Core Energy has applied for pre-qualification as a license partner on the NCS.
The founders of Core Energy have extensive technical and commercial experience from the E&P sector. The chairman of the Board of Directors, Tim Bushell, is currently the CEO of Falkland Oil & Gas. Tim was previously the managing director of Paladin Resources Norge, which was sold to Talisman in 2006. Tim will also act as a part-time advisor to the company. The management team is headed up by CEO Jan H. Solstad. Jan has previous experience from Conoco as well as E&P advisory activity in several financial institutions. Tord Pedersen (VP Sub-surface) joins the Core Energy team from the position as Managing Director of VNG Norge, and Ingar Haugetraa (VP Operations) has nearly 30 years experience from ConocoPhillips. CFO Thomas Bjørgo has extensive experience from financial and commercial advisory to E&P companies on the NCS.
Harald Vabø and, who recently joined HitecVision’s investment team from senior management positions in Wintershall Norge, are non-executive directors of the company.
HitecVision is one of Europe’s leading private equity investors in the oil and gas industry, focusing on buyouts and growth capital investments from a capital base of about 1.4 bn USD.
“This initial equity funding from such an experienced investor as HitecVision puts us in a unique position to pursue and accelerate our growth strategy. HitecVisions’s investment team has a proven track record within the E&P business, successfully taking both Revus Energy and Noreco from start-ups to listed companies with extensive and attractive license portfolios in just a few years, and more recently contributing to a highly successful business in Spring Energy. We look forward to growing Core Energy with the support of HitecVision”, states CEO Jan H. Solstad.
“The founders of Core Energy have on average more than 20 years of experience working with the oil and gas industry, and we are impressed with their previous achievements and broad pool of expertise. This is a team with high ambitions, eager to pursue what we regard as a very interesting business idea and strategy”, says Senior Partner at HitecVision. In addition HitecVision is also continuing its engagement with the highly successful Spring Energy team, focusing in the early phase of the value chain.
The founders of Core Energy will remain shareholders in the company.
