12.10.2015 07:00:00 CET

North Energy ASA - farms out of PL 708 in the Barents Sea

Tromsø, 12 October 2015

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.

This transaction forms part of North Energy's current strategic process, where attention is concentrated on enhancing cost efficiency and optimising the licence portfolio.

Following closure of the sale, the licensees in PL 708 will 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.

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

Further information from: 

Knut Sæberg, acting CEO
Mob: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no

Kristin Ingebrigtsen, vice president organisation and communication
Mob: +47 926 05 601 | E-mail: kristin.ingebrigtsen@northenergy.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.