North Energy approved as operator for two North Sea licenses

11/27/2013

North Energy approved as operator for two North Sea licenses

ALTA, Norway -- Norwegian authorities have approved the transfer of 40 percent interests and operatorship in production licenses 509S and 509BS from Wintershall Norge AS to North Energy.

The licenses contain oil prospects and are located in the North Sea, south of the Gullfaks area. A potential discovery could be tied back to existing nearby infrastructure. Drill or drop decision is planned first half 2014. If a positive drill decision is reached, an exploration well could be drilled in first half of 2015.

The transfer has economic effect from 1 June 2013.

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