North Energy farms out of Barents Sea license


TROMSØ, Norway -- North Energy has signed a sale and purchase agreement with Pure E&P Norway, whereby North Energy sells its 10% interest in PL 708 to Pure.

This transaction forms part of North Energy's current strategic process, where attention is concentrated on enhancing cost efficiency and optimizing the licence portfolio.

Following closure of the sale, the licensees in PL 708 will comprise Lundin Norway (as operator with 40%), Lukoil Overseas North Shelf AS (20%), Edison Norge (20%), Lime Petroleum Norway (10%) and Pure E&P Norway (10%).

The effective date of the agreement is set at Jan. 1, 2015, and the transaction is conditional on the approval of the Norwegian authorities.

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