North Energy has signed a sale and purchase agreement with Lime Petroleum Norway, whereby North Energy sells its 10% interest in production license (PL) 707 to Lime.
This transaction forms part of North Energy's current strategic process, where attention is concentrated on enhancing cost efficiency and optimizing the license portfolio.
Following closure of the sale, the licensees in PL 707 will comprise Edison Norge as operator with 50%, PGNiG Upstream International will hold 30%, and Lime Petroleum Norway will hold 20%.
The effective date of the agreement is set at 1 January 2016, and the transaction is conditional on the approval of the Norwegian authorities.