Point Resources confirmed on 9 November 2018 that it is no longer looking for farm-in partners for PL 001 and PL 027 subsequent to the announcement of the forthcoming merger with Eni into Var Energi. The licences contain the Balder, Ringhorne and Ringhorne East fields and Point holds 100% in both licences. It is understood that Point had been intending to retain operatorship and had contacted several companies to market the assets. Point gained its interests in the three fields through the acquisition of ExxonMobilâs operated upstream business in Norway in late 2017. The company intends to invest around NOK 20 billion (USD 2.3 billion) over the next five years and plans to extend the life of Balder and Ringhorne. Infill drilling programmes, new 4D seismic and two new exploration wells have been sanctioned at Ringhorne and Ringhorne East, and Point is working towards an FID for a lifetime extension at Balder (re-using the Jotun FPSO and carrying out infill drilling and new exploration).     Balder is Norwayâs first discovery made by 25/11-1 in 1967. First oil from its Eocene / Paleocene reservoir was achieved in 1999 using an FPSO. Ringhorne, discovered by 25/8-11 in 1997, is situated north-east of Balder and has been developed with an integrated production, drilling and quarters platform with first-stage separation modules and subsea wells, and is tied back to the Balder FPSO. It came onstream in 2003. Ringhorneâs oil and gas is contained in Upper Jurassic and Paleocene sandstone reservoirs. Total recoverable reserves for both fields are 537 MMboe, with 101 MMboe of this remaining at 31 December 2017 (source: NPD).  Ringhorne East was discovered in 2003 by 25/8-14 S and was brought onstream, using wells drilled from the Ringhorne platform, in 2006. It contains total recoverable reserves of 109 MMboe in a Jurassic reservoir. 30 MMboe was remaining at 31 December 2017 (source: NPD).    Interest in both PL 001 and PL 027 is held 100% by Point Resources AS.
Point Resources confirmed on 9 November 2018 that it is no longer looking for farm-in partners for PL 001 and PL 027 subsequent to the announcement of the forthcoming merger with Eni into Var Energi.