02.12.2015 08:00:00 CET

North Energy ASA - farms out of PL 707 in the Barents Sea

Tromsø, 2 December 2015

North Energy ASA has signed a sale and purchase agreement with Lime Petroleum Norway AS, whereby North Energy sells its 10 per cent interest in production licence (PL) 707 to Lime.

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 707 will comprise Edison Norge AS as operator with 50 per cent, PGNiG Upstream International AS 30 per cent and Lime Petroleum Norway AS 20 per cent.

The effective date of the agreement is set at 1 January 2016, 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 to the disclosure provisions in section 5, sub-section 12 of the Norwegian Securities Trading Act.