Point Resources has together with the licensees in PL 340 made an oil discovery on the Frosk prospect in the North Sea. The operator is completing the drilling operations of exploration well 24/9-12, located near the Bøyla field.

According to the operator Aker BP, preliminary analysis indicates a discovery size of 30-60 million barrels of oil equivalents (mmboe), which is significantly more than the pre-drill estimates of 3-21 mmboe. The discovery also has a positive impact on the assessment of further exploration potential in the area.

Frosk is located in PL 340, which also includes the Bøyla field, a subsea tie-in field producing via the Alvheim FPSO since 2015.

“The discovery on Frosk adds volumes to our resource base and complements Point Resources’ strategy to explore for resources near existing infrastructure. We will work with the other licensees to evaluate the area and consider a future subsea development”, Morten Mauritzen, CEO in Point Resources said.

The discovery has provided valuable new information about the geological conditions and further increased the attractiveness of other possible exploration targets. The well was spudded 29 December 2017 by the semi-submersible drilling unit Transocean Arctic.

Aker BP is operator with an ownership interest of 65 percent, while Point Resources (20 percent) and Lundin Norway AS (15 percent) are partners.

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).