Wellesley Petroleum AS has entered into an agreement to sell a package of license interests on the Norwegian Continental Shelf to Equinor Energy AS, strengthening both companies' strategic positions in the energy sector.

Information on the Target

Wellesley Petroleum AS has announced an agreement to divest a series of license interests on the Norwegian Continental Shelf in a strategic deal with Equinor Energy AS. The transaction includes a range of significant assets located in the Northern North Sea, specifically involving the transfer of portions of seven production licenses. Notably, this package encompasses 40% of Production Licenses 878, 878 B, and 878 C, which contain the substantial Atlantis discovery. Furthermore, 20% stakes in Production Licenses 923 and 923 B, associated with the Røver Nord and Røver Sør discoveries, will also be part of the transfer.

Additionally, Wellesley will transfer 45% of Production Licenses 630 and 630 CS, which host the Toppand discovery, and 15% of Production License 248 I, combined with 45% of Production License 925, making up 18.8% of the Grosbeak discovery. This deal represents a significant move for Wellesley, enabling focus on core exploration activities while leveraging ongoing productive collaboration with Equinor.

Industry Overview in Norway

The Norwegian Continental Shelf is one of the most prosperous regions for hydrocarbon exploration and development in Europe, bolstered by a robust regulatory framework and advanced exploration technologies. Norway's oil and gas sector has been a cornerstone of i