HitecVision invests in Oyster Petroleum Ltd
HitecVision is pleased to announce the investment in the newly formed E&P company Oyster Petroleum Ltd. Oyster Petroleum is pursuing opportunities on the United Kingdom Continental Shelf (UKCS) and is led by an experienced management team backed by an equity commitment of USD 150 million.
The founders of Oyster Petroleum all have considerable experience in the oil & gas industry and have worked together for more than 10 years in various companies, including their own start-up. HitecVision know the founders well as we worked together on potential portfolio acquisition in 2007.
The plan is to build a portfolio of licenses through a combination of farm-ins to existing licenses and awards of new acreage in the official licensing rounds. In addition, the company plans to acquire a non-operated production portfolio to tax shelter the cost.
In backing Oyster Petroleum we are following our proven strategy of identifying a competent exploration team and providing funding and support for a start-up E&P company. The Oyster Petroleum business model is similar to that we have applied in the current and previous portfolio companies; Spike Exploration, Spring Energy and Revus Energy.