North Energy Sells Barents License Stake to Pure E&P

Norwegian junior explorer North Energy ASA announced Monday that it has sold its 10-percent interest in PL 706, a Norwegian production license covering the Barents Sea, to Pure E&P Norway AS.

North said that the deal is part of its strategy to focus on enhancing cost efficiency and optimizing its license portfolio.

Following the closing of the transaction, the licensees in PL 708 will comprise operator Lundin Norway AS (40 percent), Lukoil Overseas North Shelf AS (20 percent), Edison Norge AS (20 percent), Lime Petroleum Norway AS (10 percent) and Pure E&P Norway AS (10 percent).

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