North Energy: North Energy ASA - Farms into North Sea oil prospect

      North Energy: North Energy ASA - Farms into North Sea oil prospect  Alta 26 June 2014  North Energy has  entered into  an agreement with  Tullow Oil  Norge AS  which  gives it a 10 per cent holding in production licence 507.  The operator is planning an exploration well on the "Lupus" oil prospect, with spudding scheduled  for late  June.  This well  will  be drilled  by  Borgland  Dolphin in about 120  metres of water roughly  36 kilometres south of  Oseberg  South.  Based on  analysis  of  EM-data,  North Energy  sees  a  high  probability  of  discovering  hydrocarbons  in  the   prospect.  These  analysis  support   the  assessments made in the conventional geological and geophysical surveys.  After closure of the agreement, the licence will comprise Tullow Oil Norge  as  operator with 60 per cent, Explora Petroleum AS 20 per cent, Ithaca  Petroleum  Norge AS 10 per cent and North Energy 10 per cent.  The agreement is conditional  on government approval,  and its effective  date  has been set as 1 January 2014.  Further information from:  Erik Karlstrøm, CEO Mob: +47 476 52990 | E-mail: erik.karlstrom@northenergy.no  Knut Sæberg, CFO Mob: +47 918 00 720 | E-mail: knut.saeberg@northenergy.no  Kristin Ingebrigtsen, vice president strategy and PA/PR Mob: +47 926 05 601 E-mail: kristin.ingebrigtsen@northenergy.no  This information is mandatory under Section 5-12 of the Securities Trading Act.    ------------------------------------------------------------------------------  This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: North Energy via Globenewswire HUG#1800790  
Press spacebar to pause and continue. Press esc to stop.