North Energy, a Norwegian oil company, has announced a completion of its transaction for an exploration and production company, also from Norway, Explora Petroleum.
North Energy acquired Explora Petroleum for a cash payment of $2.5 million in December 2015. The transaction was conditional on the approval of the Norwegian government.
Explora had 18 employees and 16 licences on the Norwegian continental shelf (NCS) at the date of transaction, including small interests in the Skarfjell and Grosbeak discoveries, both in PL 378 in the north-eastern North Sea, located about 20 kilometres south-west of the Gjøa field.
According to North Energy, the Norwegian authorities have now approved the transaction, and completion of the transaction occurred on Thursday, February 11, 2016.
North Energy said it would consolidate its petroleum operations in a single company through transferring today’s petroleum operations from North Energy to Explora, thereby bringing employees together in a new organisation for the combined company.
North Energy further added that Explora would be renamed North E&P AS, North Energy ASA would convert to a holding company, whilst all petroleum activities in the merged company would be held in North E&P AS.
The company added that the Board of Directors of North E&P AS would consist of CEO of North Energy, Knut Sæberg (Chairman), Didrik Leikvang and John Pickard (CEO of Explora Petroleum).
Completion of this reorganization is expected by the end of 1H 2016, North Energy concluded.
Offshore Energy Today Staff