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Explora Petroleum Enters into Agreement with E.ON

Source: www.gulfoilandgas.com 2/28/2013, Location: Europe

Explora Petroleum AS is pleased to announce that the company has entered into an agreement with E.ON E&P Norge AS to acquire a share of PL 484, offshore Norway. Explora Petroleum will acquire a 20 percent interest in PL484, which is located in the Norwegian Sea. E.ON Norge will have 10 percent working interest in PL484 after the farm-out to Explora Petroleum. The farm-out agreement is subject to approval by the Norwegian authorities. The other partners in the licence are Noreco Norway AS (operator, 40%) and Dana Petroleum Norway AS (30%).

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. Following recent success in APA 2012, this transaction is a further step in building the company’s portfolio, with our first licence in the Norwegian Sea. The PL484 well planned for 2014 will be located close to the producing Norne field in an area with infrastructure, and close to other significant discoveries. We plan to take an active role in the evaluation of the licence.”

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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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