Noreco, North Energy Agree Asset Transfer on PL484
Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30 per cent ownership in PL484 in the Norwegian Sea to North Energy ASA (North). The transfer is subject to government approval. Further, the companies have agreed that Noreco, under certain conditions, has a right to re-enter the licence with a reduced equity share in the future. The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea. This part of the agreement has been cancelled, and Noreco will consequently continue owning 20 per cent in this licence, where an exploration well will be drilled on the Haribo prospect later this year.
Statoil: Gas discovery in Pingvin
Operator Statoil has together with PL713 partners made a gas discovery in the Pingvin prospect in the Barents Sea. The discovery is a play opener in a frontier unexplored area of the Barents Sea northwest of Johan Castberg. The discovery well 7319/12-1, drilled by the drilling rig Transocean Spitsbergen, proved a 15-metre gas column in the well path. Statoil estimates the volumes in Pingvin to be in the range of 30-120 million barrels of recoverable oil equivalent. The discovery is currently assessed as non-commercial.
Rosneft & Statoil to Explore Norwegian Continental Shelf
18th of August, Rosneft together with Norwegian company Statoil Petroleum AS started exploration operations at the Pingvin License PL713prospect in the Norwegian section of the Barents Sea. The first exploration well Pingvin-1 will be drilled by the Transocean Spitsbergen rig. The water depth is 422 meters and the drilling target total vertical depth (TVD) is 1516 meters. The companies expect to analyse the drilling results until the end of 2014. RN Nordic Oil AS is partner in the licence (PL713) with Statoil (that is the operator), North Energy ASA and Edison International Norway Branch. RN Nordic Oil AS, a subsidiary of Rosneft, will be involved in the operations on the project.
EMGS - Contract for vessel BOA Thalassa
Electromagnetic Geoservices ASA (EMGS), the marine EM market leader, has received a signed contract from North Energy ASA worth NOK 10 million (USD 1.7 million) for 3D EM data acquisition in the North Sea. The survey is expected to commence early May, using the vessel BOA Thalassa. EMGS
Lime Petroleum Receives Approval for Acquisition
Rex International Holding said its 65% indirectly owned subsidiary, Lime Petroleum Norway AS, has received approval from the Norwegian Ministry of Petroleum and Energy for the acquisition of 10% interest in each of the two offshore licenses, PL 707 and PL 708, from North Energy ASA. Lime’s 10% interest in each of PL707 and PL708 will become effective from November 29, 2013. The acquisition of the 10% interest in the two licenses is a result of the cooperation agreement between Lime and North Energy. Both concessions are located in the Barents Sea, in proximity to the coast on the Finnmark East platform. PL707 covers an area of about 982 square kilometers while PL708 covers an area of about 507 square kilometers.
