North Energy Farms out PL 707 to Lime Petroleum

Source: www.export-egypt.com 12/2/2015, Location: Europe

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.


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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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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