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Point Resources AS has completed the acquisition of ExxonMobil's operated activities on NCS – Arntzen de Besche assisted the lenders

The HitecVision owned oil company Point Resources AS completed on 1 November 2017 the acquisition of ExxonMobil's operated activities on the Norwegian Continental Shelf. The transaction transforms Point Resources AS into one of the top independent oil and gas producers on the Norwegian Continental Shelf. Production in 2016 from the combined assets was about 60,000 barrels of oil equivalent per day (boepd), of which about 54,000 from the ExxonMobil operated fields.

The acquisition was partly financed by an increase of Point Resources AS' existing reserve based lending facility (RBL) from USD 150 million to USD 700 million.

Arntzen de Besche assisted the lenders, including BNP Paribas as sole underwriter, bookrunner and documentation bank and DNB Bank ASA as facility agent.

AdeB's team has consisted of Atle Gabrielsen, partner of our banking and financing group, senior lawyer Atle Stensrud from the same group, Anders Rødland, partner of our E&P group and Rune Tjomsås Andersen, partner of our tax group and specialist in petroleum tax.

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