Since the announcement of the merger of Point Resources AS into Eni Norge AS to form Vår Energi AS in July 2018, integration of the two companies has been one key focus area during the quarter to ensure that Vår Energi AS is well positioned to operate safely and effectively after completion of the transaction. The integration activities are progressing according to plan.

Point Resources reported revenues of USD 223 million in the third quarter. EBITDAX and EBIT for the period amounted to USD 135 million and USD 78 million respectively.

M&A

• On 2 July, HitecVision and Eni signed an agreement to merge Point Resources AS and Eni Norge AS. The new company name will be Vår Energi. The combination is subject to customary closing conditions and regulatory approvals and is expected to be completed by the end of 2018.

Production

• Average daily production in the quarter was 28.6 kboepd. Production was impacted by major scheduled maintenance activities on operated assets
• The maintenance activities were safely completed and according to scope, however some operations took longer than projected due to bad weather conditions
• Production in October 2018 was 39 000 boepd.

Development

• Balder X project progressing according to plan - total investment estimate NOK 15 billion.
• The PDO for Snorre Expansion Project (SEP) was approved 5 July.
• The Snorre Expansion Project (SEP) and the Fenja and Bauge development projects on target.

Exploration

• APA 2018 applications were submitted in September.
• Acquisition of 4D seismic survey across the Balder and Ringhorne area was completed during the quarter.

Financials

• Revenues of USD 223 million and EBITDAX of USD 135 million
• Cash flow from operations of USD 132 million.
• Successful redetermination of the RBL borrowing base, increasing the total availability under the RBL from USD 542 million to USD 695 million as of 1 July 2018
• Total available liquidity of USD 836 million as of 30 September, including cash in Point Resources AS (USD 147 million), cash available for the Company in Point Resources Holding (USD 411 million) and undrawn RBL reserves (USD 278 million).

Contact persons

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

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