North Energy, Pure in Barents Sea farm out

North Energy has signed a sale and purchase agreement with Pure E&P Norway, whereby North Energy sells its 10% interest in production license (PL) 708 to Pure.

The effective date of the agreement is set at 1 January 2015, and the transaction is conditional on the approval of the Norwegian authorities.

This transaction forms part of North Energy's current strategic process, where attention is concentrated on enhancing cost efficiency and optimizing the license portfolio.

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