North Energy in Norwegian Sea sale

North Energy has signed a purchase and sale agreement with Lime Petroleum Norway AS for a share in its Norwegian Sea blocks.

The agreement is for the transfer of a five per cent holding in production licences 591 and 591 B.

Following completion of the sale to Lime, North Energy will have a 15 percent interest in each of the two licences. PL 591 lies in the Norwegian Sea, and the operator plans to start drilling on the Zumba project during the first half of 2015.

The transaction accounting effect from 1 January 2014. Its implementation is conditional on approval by the Norwegian government.

 

 June 05, 2014

 

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