A newly formed UK-focused exploration company has secured US$150 million of funding from Norwegian private equity outfit HitecVision.
Oyster Petroleum's management team comprises of Richard Morgan as CEO, along with former colleagues Nigel Platt and David Went.
The team has worked together for more than 10 years in exploration and production companies, including VeritasDGC, where they built a new UK exploration business and another start-up, Sussex Energy, which was acquired by Enovation Resources in 2007.
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 E&P company portfolio of companies includes Core Energy and Spike Exploration.
Harald Vabø, senior partner of HitecVision and non-executive director of Oyster, said: “We believe that the UKCS is an attractive part of the North Sea that retains significant potential but lacks adequately funded exploration companies.”