Norway-based independents Noreco Norway and North Energy agreed Thursday to swap assets in two licenses on the Norwegian Continental Shelf.
Noreco will increase its ownership in the PL616 Haribo licence in the North Sea and reduce ownership in the Verdande license PL484 in the Norwegian Sea.
Noreco’s interest in PL616, including the Haribo prospect, will increase from 20 percent to 30 percent.
Norceo estimates potential reserves at Haribo are in the range of 69 to 192 million barrels of oil equivalent.
An exploration well at Haribo recently got the green light and is likely to be drilled during the second half of 2015.
Noreco will also transfer a 15 percent ownership stake of PL484 to North Energy.
Noreco’s share in PL484, where the copmany recently drilled the Verdande prospect, will now be 15 percent.
In June, Noreco plugged and abandoned an exploratory well in Verdande after the well failed to show moveable hydrocarbons.
The agreement is effective as of July 1, 2014.
The transfer must still be approved by officials.