North Energy and Noreco Norway have agreed to swap interests in two offshore Norway production licences (PL).
North Energy will acquire 15% of PL 484 in the Norwegian Sea and transfer a 10% holding in PL 616 in the North Sea to Noreco.
PL 484 contains several prospects, including Verdande, which wasdrilled earlier this year. PL 616 includes the Haribo prospect, where it was recently decided to drill an exploration well - probably mid-2015.
The swap agreement is conditional on government approval, and its effective date has been set as 1 July 2014.
North Energy's next exploration well will be on the Pingvin prospect in PL 713 west of the Johan Castberg discovery in the Barents Sea. This well is due to be spudded during August. North Energy has a 20%, with partners Statoil (operator), holding 40%, RN Nordic Oil with 20% and Edison with 20%.