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13 September 2018

Minutes from Extraordinary General Meeting

Reference is made to the press release dated 2 July 2018 regarding the contemplated merger between Point Resources AS (the "Company") and ENI Norge AS.

Today, on 13 September 2018, unanimous resolutions were adopted by the Extraordinary General Meetings of the Company and ENI Norge AS to merge the Company into ENI Norge AS and to rename the merged entity Vår Energi AS. The complete minutes from the Extraordinary General Meeting in Point Resources AS are attached to this release and are also available on www.pointresources.no.

The resolution to merge the two companies will be filed and registered in the Norwegian Register of Business Enterprises and will trigger a 6 weeks’ statutory creditor notice period commencing from the date of registration in the Norwegian Register of Business Enterprises. The merger is, as previously announced, expected to be completed by the end of 2018. Following the completion of the merger, Point Resources Holding AS will own 30.4% and ENI International BV will own 69.6% of Vår Energi AS.

Due to a requirement under the ISIN NO0010819485 bond for Point Resources Holding AS to maintain a 100% direct control and ownership of the Company, the merger, when completed, may lead to an event of default of the bonds. The Company will commence discussions with Nordic Trustee and bondholders in due course before completion of the merger.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Thomas Bjørgo, Chief Financial Officer            

M: + 47 982 06 883

E: thomas.bjorgo@pointresources.no

Lars A. Husby, Investor Relations                    

M: + 47 484 00 415

E: lars.a.husby@pointresources.no

Elisabeth Fiveland, Government and Public Affairs

M: + 47 930 50 707

E: elisabeth.fiveland@pointresources.no

About Point Resources  

Point Resources’ ambition is to become a leading, independent E&P company on the Norwegian Continental Shelf (NCS). Operations are focused on exploration, development and production activities in four proven areas on the NCS. Portfolio optimisation and M&A is an integrated part of the company’s growth strategy.

Point Resources was established early 2016 following the merger of Pure E&P, Core Energy and Spike Exploration. In 2017, ExxonMobil’s operated NCS portfolio was acquired and made Point Resources an operator and a strong, independent mid-sized Norwegian E&P company.

Vår Energi – Merger between Point Resources og Eni Norge

On 2 July, the merger between Point Resources AS and Eni Norge AS was announced. The company name will be Vår Energi. Vår Energi will have a wide geographical coverage, from the Barents Sea to the North Sea, producing around 180,000 barrels of oil equivalent per day in 2018 from a portfolio of 17 producing oil and gas fields. The company will have reserves and resources of more than 1,250 million barrels of oil equivalent. Vår Energi will be a leading independent Norwegian Exploration & Production company. The agreement is subject to customary closing conditions and regulatory approvals, expected to be completed by year end 2018.

To learn more, visit www.pointresources.no