Agora gains foothold off Norway

Agora Oil & Gas has pre-qualified as a licensee on the Norwegian continental shelf, and acquired stakes in its first two licenses.

Offshore staff

STAVANGER, Norway -- Agora Oil & Gas has pre-qualified as a licensee on the Norwegian continental shelf, and acquired stakes in its first two licenses.

The permits are PL 370 and PL 418, where Agora has taken 30 % and 20% equity respectively from Wintershall Norge. Prospects on these licenses will be drilled during 2011/2012.

Agora also has applied for acreage in Norway’s APA 2010 licensing round.

Later this year, the company’s subsidiary Agora Oil and Gas (UK) will participate in two to four new exploration wells on prospects close to the Catcher discovery in the UK central North Sea.

The first of these wells, subject to confirmation of a rig contract, should spud early next month. Agora has a 15 % interest in the license.

Agora, which was formed by a group of Norwegian and UK industry specialists, is financed via a long-term agreement with RIT Capital Partners and Lord Rothschild’s family interests, which will provide investment of up to $200 million over the next five years.

09/23/2010

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