North Energy and 4sea energy merger
(Thomson Reuters ONE) - North Energy and 4sea energy have entered into an agreement involvingtransfer of all 4sea energy shares to North Energy with compensationin North Energy shares. North Energy is established with offices in Alta and Oslo and holdsinterests in eight exploration licenses in the Norwegian Sea andBarents Sea. The company plans to participate in the drilling ofeight exploration wells over the coming three years, with the firstwell due to start early next year. North Energy has also submittedan application for exploration licenses in the APA concession round2009.4sea energy is localised in Stavanger and holds interests in twoexploration licenses in the North Sea. The company has submitted anapplication for acreage in the APA 2009. The major shareholder in4sea energy is IKM invest through ownership in IHM."The agreement with 4sea is a step in the consolidation process amongsmaller operators on the Norwegian Continental Shelf. 4sea energyholds interesting exploration acreage and complimentary competence,and the merger will add capital from industrial investors withextensive experience from Norwegian oil business," says CEO ErikKarlstrøm of North Energy."This is a good solution for the share holders in 4sea who now becomeowners in a company with solid exploration competencies and goodexploration licenses," says CEO of 4sea energy, Tore Guldbrandsøy."Further, this forms a solid foundation for continued financial andindustrial development of the merged company."For more information, please contact:Erik Karlstrøm, +47 - 47652990 CEO, North EnergyTore Guldbrandsøy, +47 - 90135649, CEO, 4sea energyThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.11.2009 - 16:04 Uhr
Sprache: Deutsch
News-ID 8967
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