North Energy License Farm-Outs Approved

Norway's North Energy reported Wednesday that its farm-out deal with Spike Exploration for its PL 299 and PL 590 licenses, offshore Norway, has been approved by the Norwegian Ministry of Petroleum and Energy.

North reported on May 3 that it is selling 10 percent holdings in both licenses to Spike. Following the completion of the deals, North will retain 10 percent of PL 299 and 30 percent of Pl 590.

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