North Energy wraps up two Norwegian Sea blocks share sale

Hibiscus Petroleum Berhad has announced that its jointly-controlled entity, Lime Petroleum Norway AS has completed the acquisition of a 5% stake each in PL591 and PL591B, located in the Norwegian Sea.

North Energy signed a purchase and sale agreement with Lime Petroleum Norway in June 2014.

The transfer of the equity interests in PL591 and PL591B to Lime Norway was completed following receipt of regulatory approval. Hibiscus Petroleum now holds a total portfolio of 13 licences in Norway. Tullow Oil Norge AS is the operator at PL591 and PL591B. Lime Norway is a wholly-owned subsidiary of Lime Petroleum Plc (Lime). Lime is a jointly-controlled entity in which Hibiscus Petroleum owns a 35% stake.

Following the capital injections totalling USD23 million made by Lime’s shareholders in November 2013 and January 2014, together with the NOK300 million (approximately USD45 million) financing facility secured from Skandinaviska Enskilda Banken AB, Lime Norway has secured adequate financing to fulfil their work commitments into 2015.

The acquisition of the interests in the Norwegian Continental Shelf concessions is in line with Hibiscus Petroleum’s portfolio balancing strategy to acquire assets in geopolitically stable regions. The attractive fiscal terms offered by the Norwegian Petroleum Tax Act also benefit Lime Norway as 78% of eligible exploration expenditure is reimbursed annually, irrespective whether production is achieved. This is unlike the petroleum fiscal systems of most countries whereby a certain portion of exploration expenditure may only be recovered upon production.

 

Press Release

 

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply