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Point Resources is operative

HitecVision is pleased to announce 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.

Point Resources is a new full-profile E&P company on the Norwegian Continental Shelf, with USD 300 million in new capital to fund growth through acquisitions and business developments over the next five years. The company is a robust entity able to handle both the challenges of the current market situation and take full advantage of the opportunities. The company starts life with a strong license portfolio, including a production base of about 9,000 barrels of oil equivalent per day; 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.