Point Resources has ownership interest in approx. 55 licenses on the Norwegian Continental Shelf. Our exploration strategy is strongly and deliberately focused on identifying additional in and near-field drilling candidates in our established assets and core areas in the North Sea and the Norwegian Sea.
Point Resources operates several production licenses with active and forward-looking exploration programs. For example, Point Resources has recently developed a Multiple-Azimuth (MAZ) seismic survey over the Balder and Ringhorne fields in order to better image several identified exploration and infill drilling targets. We will acquire a new time-lapse (4D) seismic survey in the area in the summer of 2018, with an expected exploration drilling campaign starting in 2019.
One of Point Resources’ highest priorities is reserves replacement, which forms a basis for our future growth of business. All opportunities are taken through our internal quality assurance systems and the highest-ranking, naturally receive priority funding from a robust financial platform.
We have strong ambitions to add to our existing operated portfolio through organic growth, utilising our extensive modern databases and subsurface technical competence. Point Resources continues to mature exploration targets in preparation for the 2018 Awards in predefined areas (APA) and is building a strong technical foundation for the 25th Concession Round.
Point Resources has working interests in several of the key discoveries made on the Norwegian Continental Shelf in recent years, subject to ongoing development maturation.
The discoveries are at various stages in the planning process and are expected to be in production within two to three years. Point Resources ensures that all additional potential in such licenses is fully-evaluated by the operators, our business partners, through constructive dialogue and supplemental technical work, as we see necessary in order to capture maximum potential.
A full overview of Point Resources’ license ownership is available on the Norwegian Petroleum Directorate’s website.