North Energy has entered into an agreement with Det norske oljeselskap, whereby Det norske will acquire North Energy's 10% interest in production license 722.
The license was awarded in the 22nd licensing round, and is subject to a drill or drop decision in 2Q 2016.
The transaction with Det norske forms part of North Energy's current strategy process, where attention is concentrated on enhancing cost efficiency and optimizing the company's license portfolio.
Following completion of the agreement, the partners in PL 722 will comprise GDF Suez E&P Norge, operator with a 30% interest, Pure E&P Norway (20%), Spike Exploration Holding (15%), Tullow Oil Norge (15%), Explora Petroleum (10%) and Det norske oljeselskap (10%).
The effective date of the agreement has been set as 1 January 2015, and it is conditional on the approval of the Norwegian authorities.
Image from North Energy.