GDF SUEZ E&P Norge AS has signed a contract with Core Energy selling a 12 % share in the Njord license, PL107. It includes also the transfer of 12 % of the Noatun discovery, 3.67 % in the Kristin Gas Export Pipeline Joint Venture and 0.162 % in the NSGI Joint Venture.
This makes Core Energy the sixth partner in the Njord license with 12 % share. GDF SUEZ E&P Norge AS divests from 40% to 28% share in the Njord license.
“We are pleased to have concluded the negotiations with Core Energy. Njord is still reckoned an important asset in the GDF SUEZ license portfolio and we look forward to future collaboration in the license” states Johannes Finbourd, acting Managing Director at GDF SUEZ E&P Norge AS.
“The Njord acquisition aligns our interests with our Hyme field and significantly strengthens Core Energy’s position in this very important area to us. We look forward to working closely with the operator and the other field partners on Njord to identify and capture further value” states Jan Harald Solstad, Managing Director of Core Energy.
The transaction is pending authorities’ approval.
GDF SUEZ E&P Norge AS used Royal Bank of Canada as their adviser on the transaction.
Njord is located in blocks 6407/7 and 6407/10, around 130 km northwest of Kristiansund and 30 km west of the Draugen field.
Partners after authorities’ approval:
Statoil 20 % (operator)
E.ON E&P 30 %
GDF SUEZ E&P Norge 28 %
Core Energy 12 %
Faroe Petroleum 7.50 %
VNG Norge 2.50 %
[mappress] Press Release, May 22, 2013