Lundin Norway AS has agreed to license farm-outs with Spring Energy Norway and Norwegian Energy Co. (Noreco).
Offshore staff
STOCKHOLM, Sweden – Lundin Norway AS has agreed to license farm-outs with Spring Energy Norway and Norwegian Energy Co. (Noreco).
Spring will take a 10% interest in license PL490 and Noreco 10% in PL492. Both concessions are in the Barents Sea.
Assuming approval by the Norwegian authorities, Lundin will remain operator of both licenses, with a 50% interest in PL490 and 40% in PL492. License PL492 is in the western Barents Sea, on the southwest corner of the Loppa High.
According to Noreco, it is on trend with several proven discoveries, includingSkrugard 65 km (40 mi) to the north, and the smaller Skalle discovery in an adjacent block directly to the south.
Triassic level sandstone reservoirs provide the primary target in the license, with further potential in the deeper Permian sequences. An exploration well is planned for 2013/14.
