North Energy awarded six new licences, including two operator-ships in APA 2013

1/23/2014

North Energy awarded six new licences, including two operator-ships in APA 2013

ALTA -- North Energy was awarded no less than six new production licences from the 2013 round of awards in predefined areas (APA).

These awards cover all three regions of the Norwegian continental shelf (NCS) and represent a substantial strengthening of and growth in the company’s portfolio.

“We’re very pleased with the good outcome of our application in this APA round,” says CEO Erik Karlstrøm. “Our Barents Sea profile has been further reinforced through two awards in areas with good prospects for oil discoveries.”

The licence awards are:

— PL 503 C, block 17/5 – an extension of PL 503 in the North Sea. Interest awarded in the licence is 12.5%.

— PL 509 CS, block 30/1 – an extension of PL 509 in the North Sea. North Energy has been awarded the operator-ship and a licence interest of 40%.

— PL 590 B, block 6507/11 – an extension of PL 590 in the Norwegian Sea. North Energy has been awarded the operator-ship and a licence interest of 30%.

— PL 762, blocks 6608/6, 9 and 6609/4, 7 – in the Norwegian Sea. Interest awarded in the licence is 20%.

— PL 770, blocks 7123/6 og 7124/4, 5 – in the Barents Sea. Interest awarded in the licence is 20%.

— PL 769, blocks 7124/4, 5, 6, 8 og 9 – in the grid area of the Barents Sea. Interest awarded in the licence is 20%.

Following these awards, the company has 10 licences in the Barents Sea, 8 in the Norwegian Sea including two operatorships and 11 in the North Sea including two operator-ships. The overall portfolio thereby embraces 29 licences on the NCS.

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