North Energy sells Barents stake

12 October 2015, News Wires – North Energy has offloaded its stake in another Barents Sea licence off Norway in a further strategic asset sale by the cash-strapped Norwegian independent.

Barents Sea. seismic

Barents Sea. seismic

Buyer Pure E&P is picking up the 10% interest in Lundin Petroleum-operated production licence 708 for an undisclosed sum, with an effective date of 1 January 2015 for the transaction that remains subject to approval by the authorities.

Oslo-listed North Energy, which recently sold its stake in another Barents licence to Det Norske, is selling assets and cutting costs as the loss-making player looks at possible corporate deals as part of a strategic review.

Following completion of the latest transaction, Lundin will hold a 40% operating stake in the licence, with remaining partners Lukoil and Edison International each on 20%, and Lime Petroleum and Pure E&P on 10% apiece.

Lundin intends to drill a wildcat in the licence at the Ornen (Eagle) prospect later this year using semi-submersible Transocean Arctic.

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