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.
