North Energy Bags Six New Production Licences (Norway)

North Energy was awarded no less than six new production licences from the 2013 round of awards in predefined areas (APA), according to an announcement from the Ministry of Petroleum and Energy.

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 chief executive 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 per cent.

– PL 509 CS, block 30/1 – extension of PL 509 in the North Sea. North Energy has been awarded the operatorship and a licence interest of 40 per cent.

– PL 590 B, block 6507/11 – extension of PL 590 in the Norwegian Sea. North Energy has been awarded the operatorship and a licence interest of 30 per cent.

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

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

– 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 per cent.

Following these awards, the company has 10 licences in the Barents Sea, eight in the Norwegian Sea – including two operatorships – and 11 in the North Sea – including two operatorships. North Energy’s overall portfolio thereby embraces 29 licences on the NCS.

[mappress]

Press Release, January 22, 2014