LOTOS, Centrica reach deal over offshore Norway producing tracts

LOTOS Exploration & Production Norge has agreed to acquire stakes in 14 Norwegian licenses from Centrica Energy Norway for $175.8 million.

Offshore staff

GDANSK, Poland --LOTOS Exploration & Production Norge has agreed to acquire stakes in 14 Norwegian licenses from Centrica Energy Norway for $175.8 million.

Combined production from the interests is over 5,000 boe/d, comprising 70% natural gas and 30% condensate. Reserves added to LOTOS’ portfolio from producing fields will be 9 MMboe.

The purchase includes a 5% stake in the producing fieldsHeimdal, 30% in Byggve/Skirne, 20% in Atla, and 25.8% in Vale, all of which are producing fields. Among the exploration prospects is Trell, which is due to be drilled later this year.

LOTOS will also received a 10% stake in the FriggGammaDelta discovery, a 50% operated interest in Fulla, and a 7.9% interest in the Rind discovery.

11/7/2013

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