HitecVision is pleased to announce an investment in Spike Exploration, a start-up oil and gas company. HitecVision has agreed to make available an equity line of up to USD 300 million to fund the company’s development.
Spike Exploration, located in Stavanger, is a new independent E&P company that will pursue exploration and appraisal opportunities in the North Sea. The plan is to build a portfolio of opportunities through a combination of farm-ins to existing licenses and awards of new acreage in the official licensing rounds.
The Spike Exploration team consists of:
- Bjørn Inge Tønnessen (CEO), former Managing Director of Svenska Petroleum in Norway.
- Dr. David Poole (Exploration Manager & Deputy CEO), formerly Exploration Manager of Talisman Europe & North Africa.
- Walter Sognnes (Project Evaluation Manager) brings valuable experience from the start-up and development of Revus Energy (a former HitecVision portfolio company which was a significant success in the period 2002-2008)
- Harald Grøsfjeld (CFO), previously Vice President, Financing & Treasury at Seadrill ASA.
- Tor Arne Hansen (Chief Geologist) has 20 years of experience from Exxon, Statoil, Skeie Energy and Talisman.
HitecVision has over the years evaluated a large number of E&P opportunities, ranging from start-up teams to mature listed or privately held companies, and Spike Exploration is its fifth investment in this segment.