The Ministry of Petroleum and Energy has given the licensees in PL586 the seal of approval for the plan for development and operation (PDO) for the Fenja field in the Norwegian Sea. VNG Norge AS is operator (30%). Point Resources AS holds 45% ownership interest in the field.

The Fenja field is located at Haltenterassen in block 6406/12, about 120 km north of Kristiansund. The field contains recoverable resources of approximately 100 million barrels oil equivalents, mostly oil.

“We are pleased that an important milestone for the development project has been reached”, says Morten Mauritzen, CEO of Point Resources AS.

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).