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Explora Petroleum to Farm Into Three Norwegian Licenses

Source: www.gulfoilandgas.com 1/3/2013, Location: Europe

Explora Petroleum AS (Explora Petroleum) is pleased to announce that the company has entered into an agreement with Wintershall Norge AS for licences PL375, 375B and 375C containing the 34/4-11 (Beta) oil discovery offshore Norway.

Explora Petroleum will acquire Wintershall’s 15 percent interest in the three licences, which are located in the northern North Sea, close to the Snorre field. The agreement is subject to approval by Norwegian authorities. The other partners in the licences are Suncor Energy Norge AS (operator, 65%) and Talisman Energy Norge AS (20%).

John Pickard, CEO of Explora Petroleum, commented:

“Explora Petroleum’s strategy is to access attractive exploration and appraisal opportunities on the Norwegian Continental Shelf through company deals and licence rounds. This transaction is an important step in building the company’s portfolio. The Beta oil discovery has been proved by two wells, 34/4-11 and 34/4-13S. We are pleased to be partnering with Suncor and Talisman, and plan to take an active role in the appraisal of the extent of the discovery and the evaluation of the licences.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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