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…
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.
Rex IH Gives Norway Drilling, License Updates
Rex International Holding Limited, one of the largest companies listed on the Catalist of the Singapore Exchange Securities Trading Limited, shared its latest developments in its Norway portfolio, held through its 65 percent owned indirect subsidiary, Lime Petroleum Norway AS and investee company, North Energy ASA. Måns Lidgren, Chief Executive Officer of Rex International Holding, said, “Besides growing our portfolio through farm-ins, participation in government award of licenses and investment holdings in other exploration and production companies, we also recognize the importance of having an active drilling plan.
North Energy’s New Farm-in Well is Spudded
Rex International Holding Limited shared that North Energy ASA, in which the group holds an approximate stake of 5.35 percent, had entered into an agreement with Tullow Oil Norge to acquire a 10 percent stake in PL 507 on 26 June 2014. The agreement is conditional on government approval, and upon completion, the effective date of the acquisition has been set as January 1, 2014. Exploration drilling had begun on July 1, 2014 on the Lupus oil prospect in PL 507 in the North Sea. Located about 35 kilometers south of the Oseberg field, well 31/10-1 is being drilled by the Borgland Dolphin in about 120 meters of water.
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
Spike Increases Barents Sea Presence
Spike Exploration Holding AS (Spike) has recently signed an agreement with Tullow Oil Norge AS to swap a 15% interest in licence PL494/B/C for a 15% interest in PL722. PL722 is located in the Hoop area in the Barents Sea. The prospectivity of the PL722 acreage is very attractive, especially after the nearby Wisting oil discovery was made. Following data gathering in the license, there is ongoing work to mature and rank prospects. The latest date to decide to drill an exploration well is June 21, 2016. PL494/B/C is located in the southern part of the North Sea and contains the Heimdalshøe prospect.
