Norway: Centrica Buys Fogelberg Discovery from North Energy

Norway: Centrica Buys Fogelberg Discovery from North Energy

North Energy has today entered into an agreement to sell its interest in licence 433 (Fogelberg) for NOK 70 million to Centrica Resources (Norway).

Production licence 433, located in Norwegian sea, contains the Fogelberg gas/condensate discovery proven in 2010. North Energy holds 12 per cent of the licence. In 2011 the licence partnership decided to concretize possible development solutions, which are expected to lead to a plan for development and operation within a few years.

– We are very pleased to have been involved in making a commercial discovery, and will use the added value that realized through this sale to create further value for our shareholders though our exploration activities on the Norwegian continental shelf. The sale demonstrates that our business model works, says CEO Erik Karlstrøm.

The effective date for the transaction is 1 January 2012 and the sales amount of NOK 70 million is after tax.

The sales amount is settled in cash at the time of completion. The completion, which is subject to approval by Norwegian authorities, is expected to take place in the second quarter of 2012.

70 million Norwegian kroner = 12.17664 million U.S. dollars

Offshore Energy Today Staff, February 9, 2012; Image: North Energy

 

Share this article

Follow Offshore Energy Today

Events>

<< Oct 2019 >>
MTWTFSS
30 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

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