HitecVision has committed funds of $150 million to Oyster Petroleum from its HitecVision VI L.P. fund. Oyster Petroleum is a UK exploration and production company focusing on the UK North Sea.
Oyster Petroleum Ltd (‘Oyster’) is a newly established UK exploration and production company focusing on the UK North Sea. The management team comprises of Richard Morgan as CEO, along with former colleagues Nigel Platt and David Went. The team have extensive experience with a proven track record of building exploration portfolios in the North Sea. They have worked together for over ten years creating value in exploration and production companies, including VeritasDGC Ltd, where they built a new UK exploration business and another start-up, Sussex Energy Ltd, which was acquired by Enovation Resources Ltd in 2007.
The new company is financially backed and fully funded by HitecVision, a leading private equity investor specialising in buyouts and growth stage investments in the oil and gas industry. HitecVision has committed funds of USD150 million to Oyster from its HitecVision VI L.P. fund. Since 2003, HitecVision has invested in a number of highly successful start-ups in the North Sea, including Revus Energy, Noreco, and Spring Energy, which was sold to Tullow Oil in 2012. HitecVision’s current portfolio of E & P companies includes Core Energy and Spike Exploration.
Commenting on the new company, Richard Morgan, Chief Executive Officer of Oyster Petroleum Ltd said: “We are delighted to have the opportunity to work with HitecVision in the development of this new exploration and production company. We view the UK North Sea as an area where there is still a great deal of opportunity and look forward to combining our experience and technical competence with the funding and support provided by HitecVision to build a successful new company.”
Harald Vabø, Senior Partner of HitecVision and Non-Executive Director of Oyster said:
“We have worked with the Oyster management team before and are impressed by their experience and capabilities. We believe that the UKCS is an attractive part of the North Sea that retains significant potential but lacks adequately funded exploration companies. We are excited to be funding a company which will target new plays and sizeable exploration prospects.”
Enquiries: Richard Morgan, CEO, Oyster Petroleum Ltd Tel: +44 (0)7887 955899 E-mail: firstname.lastname@example.org website : oysterpetroleum.com
Harald Vabø, Senior Partner, HitecVision AS