Norwegian Seismic acquisition and processing firm Electromagnetic Geoservices (EMGS) has increased its stake in exploration firm North Energy to nearly 10% as part of a loan deal.
The NOK75 million convertible bond loan secured EMGS addtional shares in North Energy, taking its total shareholding to 9.96%, said EMGS today (20 August).
North Energy also announced today that it has is increased its stake in Norwegian Sea production license (PL) 484 through an agreement with Explora Petroleum.
North Energy will acquire 20% of PL 484 in the Norwegian Sea and in return transfer 10% of PL 722 ("Skaidi") in the Barents Sea to Explora Petroleum. The partners on PL722, awarded in 2013, are Tullow Oil (30%), GDF Suez as operator (30%) and Rocksource (20%). The license has a commitment to drill before June 2018. The agreement is conditional on government approval.
North Energy's focus has been on the Barents region, using EMGS and Rex Virtual Drilling technologies, which it says are suited to this area.
