North Energy increases presence in Norwegian Sea

North Energy ASA is increasing its equity holding in PL 484, offshore Norway, through an agreement on swapping licence interests with Explora Petroleum AS.

Under the agreement on swapping licence interests, North Energy will acquire 20 per cent of PL 484 in the Norwegian Sea and transfer 10 per cent of PL 722 in the Barents Sea to Explora Petroleum.

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