LOTOS Norge, Grupa LOTOS subsidiary, signed today Sales&Purchase agreement regarding acquisition of a 10 pc interest in production licenses from Yme oil field located in the North Sea. According to the license operator (Talisman company) the remaining P50 reserves for 10 pc of Yme is 6,8 million bbl of oil equivalent (approx. 0,9 mln tonnes).
Upstream activity
LOTOS Norge, Grupa LOTOS subsidiary, signed today Sales&Purchase agreement regarding acquisition of a 10 pc interest in production licenses from Yme oil field located in the North Sea. According to the license operator (Talisman company) the remaining P50 reserves for 10 pc of Yme is 6,8 million bbl of oil equivalent (approx. 0,9 mln tonnes).
The production is expected to start in the second half of 2009. The agreement, worth USD 52,5 millions (including tax balance representing about 20% of the price), is related to production licenses nr 316, 316B, 316CS and 316DS, including Yme development project.
The transaction was agreed with Revus Energy, which business activity considers UK and Norwegian Continental Shelves E&P projects development and implementation.
- The agreement that was signed today is the first, but extremely important step in Grupa LOTOS E&P activity development in the range of Norwegian Continental Shelf – emphasizes Pawel Olechnowicz, CEO of Grupa LOTOS SA. – This is the direct result of LOTOS Norge team work- the entity which was established in September 2007 in order to execute such projects. Further details, concerning very important for Grupa LOTOS E&P business development, will be provided in June due to company’s up-date strategy publication.
The agreement will be subjected to approval by i.a. Norwegian Ministry of Energy and Oil. LOTOS Norge is at the moment in the final stage of a licensee prequalification process, which considers running production activities in the range of Norwegian Continental Shelf, that’s strictly required for obtaining above-mentioned approval.
Yme field is located approx. 110 km offshore in the southern part of the North Sea Norwegian sector. In the past the field was operated by StatoilHydro. Currently the field is being prepared for further production. Besides LOTOS Norge and Revus Energy also Det Norske and Talisman are co-owners of production licenses on Yme field.
Marcin Zachowicz, Spokesman, Grupa LOTOS S.A., ul. Elbląska 135,80-718 Gdansk, Poland, tel.+48 58 308 75 70, +48 505 050 454, e-mail: marcin.zachowicz@grupalotos.pl
