OSLO, Norway--(BUSINESS WIRE)--Regulatory News:
Petrolia Norway AS (OSE:PDR), a 100% subsidiary of Petrolia SE, has entered into an agreement with Lundin Norway AS to sell 15% in PL 674. After the transaction Petrolia Norway AS holds 35% in PL 674.
The transaction is pending approval from the authorities.
Limassol/Bergen, 12 August 2014
About Petrolia Norway AS
Petrolia Norway AS maximizes field potential through innovative exploration in mature areas on the Norwegian Continental Shelf, leveraging on the extensive industry experience of the Petrolia Norway team. Petrolia Norway AS is qualified as a licensee on the Norwegian Continental Shelf. The company currently holds 20 per cent of PL 739 S, 50 per cent of the PL 674 license prior to the Lundin Norway AS transaction, 30 per cent of PL 506 S, PL 506BS, PL 506CS and PL 506 DS, 10 per cent of PL 628 and 10 per cent of PL 546. The company is fully owned by Petrolia SE, listed on the Oslo Stock Exchange, with head office in Limassol, Cyprus, and regional offices in Oslo, Bergen and Stavanger.
About Petrolia SE
Petrolia SE has three business segments: E&P, Drilling & Well Technology and OilService and is listed on Oslo Stock Exchange under the ticker code PDR. The core activity includes Petrolia Norway AS, an independent oil & gas company approved as a licensee on the Norwegian Continental Shelf, and a group of leading rental equipment companies for the global oil industry. Petrolia SE employs a staff of around 330 highly competent employees worldwide.
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