May 31, 2018 / 7:36 AM / a year ago

Point Resources to extend Balder field lifetime, boost output

OSLO, May 31 (Reuters) - Privately-owned oil firm Point Resources is close to a final investment decision to extend the lifetime of its Balder field off Norway, the company said on Thursday.

The HitecVision-backed firm last year acquired assets operated by ExxonMobil, including the Balder field, for nearly $1 billion.

The Balder field extension plan includes re-deployment of the Jotun production and storage vessel (FPSO) to the Balder area, a new infill drilling program on the Balder and Ringhorne fields as well as additional exploration wells, it added.

Point Resources’ production for the first quarter stood at 40,932 barrels of oil equivalents per day (boepd), and production cost averaged $15 per barrel, it said in its first-quarter report.

The company also said it saw a potential to grow its production base organically to about 130,000 boepd by 2023.

It reported $239 million in revenue and $88 million in operating profit in the first quarter, up from pro-forma figures of $194 million and $56 million respectively from the first quarter of 2017.

In March, Point Resources completed a senior unsecured bond issue of $250 million with maturity in September 2024. (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

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