Point Resources is pleased to announce that it has been awarded a total of ten licenses in the Awards in Predefined Areas 2017 (APA) by the Ministry of Petroleum and Energy (MPE) today.

“We are very satisfied with the result in the APA 2017. The number of licenses awarded to Point Resources is in alignment with our application and strategy to strengthen our position in core areas on the Norwegian Continental Shelf”, Morten Mauritzen, CEO in Point Resources said.

The company has been granted two operatorships and eight partnerships.

Point Resources’ awards in the North Sea:

- PL 554D – 30 %
- PL 777D – 20 %
- PL 912 – 30 %
- PL 911 – 60 % - operatorship
- PL 775B – 20 %
- PL 956 – 70 % - operatorship
- PL 917 – 20 %
- PL 930 – 20 %
- PL 740C – 50 %

Point Resources’ awards in the Norwegian Sea:
- PL 938 – 20 %

The MPE awarded a total of 75 licenses to 34 different companies, which is the highest number awarded in a licensing round on the Norwegian Continental Shelf. 45 of the licenses are located in the North Sea, 22 in the Norwegian Sea, while the latter eight are located in the Barents Sea. 19 companies were offered operatorships.

About Point Resources

Point Resources is a mid-sized, independent exploration and production (E&P) company with a diverse portfolio of production, development and exploration assets on the Norwegian Continental Shelf (NCS).

In 2017, the combined average production from operated and non-operated fields, net to Point Resources, is expected to be approximately 50,000 barrels of oil equivalent per day. By 2022, the company is expected to organically grow its production to over 80,000 boepd.

Point Resources' main objective is to become a leading, independent exploration and production (E&P) company on the Norwegian Continental Shelf (NCS).