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North Energy Exits Barents Sea Licence

North Energy ASA, a Norway-based exploration and production company, will sell 10 percent interest in production licence PL 707 in the Barents Sea to Lime Petroleum.

“This transaction forms part of North Energy’s current strategic process, where attention is concentrated on enhancing cost efficiency and optimising the licence portfolio,” the Norwegian firm explained in a statement on Wednesday.

Following the closure of the sale, the licensees in PL 707 will comprise Edison Norge AS as the operator with 50 per cent, PGNiG Upstream International AS 30 per cent and Lime Petroleum Norway AS 20 per cent.

The effective date of the agreement is set at 1 January 2016, and the transaction is conditional on the approval of the Norwegian authorities.