North Energy has entered into an agreement with Tullow Oil Norge AS which gives it a 10 per cent holding in production licence 507.
The operator is planning an exploration well on the “Lupus” oil prospect, with spudding scheduled for late June. This well will be drilled by Borgland Dolphin in about 120 metres of water roughly 36 kilometres south of Oseberg South.
Based on the analysis of EM-data, North Energy says it sees a high probability of discovering hydrocarbons in the prospect. These analyses support the assessments made in the conventional geological and geophysical surveys.
After closure of the agreement, the licence will comprise Tullow Oil Norge as operator with 60 per cent, Explora Petroleum AS 20 per cent, Ithaca Petroleum Norge AS 10 per cent and North Energy 10 per cent.
The agreement is conditional on government approval, and its effective date has been set as 1 January 2014.