North Energy farms out stake in Barents Sea block

North Energy ASA has signed a sale and purchase agreement with Pure E&P Norway AS, whereby North Energy sells its 10 per cent interest in production licence (PL) 708 to Pure.

According to North Energy, this transaction forms part of its current strategic process, where attention is concentrated on enhancing cost efficiency and optimising the licence portfolio.

In a press release on Monday, North Energy said that following closure of the sale, the licensees in PL 708 would comprise Lundin Norway AS as operator with 40 per cent, Lukoil Overseas North Shelf AS 20 per cent, Edison Norge AS 20 per cent, Lime Petroleum Norway AS 10 per cent, and Pure E&P Norway AS 10 per cent.

To remind, Lundin last week got a consent from the Petroleum Safety Authority Norway (PSA) to drill an exploration well 7130/4-1 in PL 708, in the Barents Sea.

The effective date of the agreement is set at January 1, 2015, and the transaction is conditional on the approval of the Norwegian authorities, North Energy has added.

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