North Energy further increases stake in Norwegian Sea licence

North Energy has signed a contract with Dana Petroleum Norway AS to acquire 18 per cent of PL 484 block located in the Norwegian Sea.

Following this transaction, the partners in PL 484 will comprise of North Energy with 53 per cent, Noreco (operator) with 15 per cent, Dana Petroleum with 12 per cent, Explora Petroleum with 10 per cent and EoN Ruhrgas with 10 per cent.

The agreement is conditional on government approval, and the effective date has been set as 1 July 2014.

North Energy has previously acquired 20 percent stake in PL 484 in the Norwegian Sea in an assets swap with Explora Petroleum AS.

Also, North Energy previously acquired 15 per cent in the block by swapping its North Sea assets with Noreco.