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(Image courtesy of Det norske)

Det norske announced on Thursday it has signed an agreement with E.ON E&P Norge to swap two exploration licenses plus a cash consideration for a 20 percent interest in license 457 in the Ivar Aasen area.

License 457 is located adjacent and to the east of license 001B on the Utsira High in the North Sea.

After the Asha discovery in late 2012, it was established that Ivar Aasen extends into license 457.

Upon completion of this transaction, E.ON will receive a 15 percent interest in license 613 in the Barents Sea and a 10 percent interest in license 676 S in the North Sea.

E.ON will also receive an undisclosed cash consideration.

After completion of the agreement, Det norske increases its ownership in license 457 from 20 percent to 40 percent.

The transaction is subject to approval from the relevant authorities.