Junior oil firm North Energy has signed an agreement to sell its 10-percent interest in Norwegian production license 707 to Lime Petroleum Norway AS. PL 707 covers Seiland West area of the Barents Sea.
North said that the transaction forms part of its current strategy to focus on improving cost efficiency and optimizing its license portfolio.
Once the sale is complete, the licensees in PL 707 will comprise Edison Norge AS as operator with a 50-percent stake, PGNiG Upstream International AS (30 percent) and Lime Petroleum (20 percent).
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