HitecVision's Oyster Petroleum in bolt-on

HitecVision invested $150m in UK exploration and production start-up Oyster from its HitecVision VI fund, a deal announced last week. This is the company's first bolt-on acquisition, following a strategy of acquiring companies on the UK Continental Shelf.

The deal, which is subject to regulatory approval and DECC consent, sees Oyster acquire a 9% stake in UK licences P.1631 and P.1832, covering blocks 204/14c, 204/18b and 204/19c. An exploration well on the Handcross prospect is due to be drilled at the end of the year.

Oyster will also acquire Ithaca's 33% stake in West of Shetlands licence P.2018, covering blocks 214/24b, 214, 29a and 214/30c, including the Ainslie prospect. The licence is operated by RWE.

HitecVision has invested in several start-ups in the North Sea since 2003, including Revus Energy, Noreco and Spring Energy. The firm's current portfolio includes Core Energy and Spike Exploration.

Company
Founded in 2013, Oyster is an exploration and production business focused on finding new reserves in the UK North Sea.

People
Richard Morgan is the chief executive officer of Oyster.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• UK / Ireland
• Portfolio management
• Now researching
• Industrials
• United Kingdom
• HitecVision