The extension of the LOI will allow the parties to continue the negotiations for finalizing the contractual documentation by 1 October.
The Huntington partners have agreed to continue to fund certain Sevan costs and Long Lead items for the upgrade work for maintaining the Huntington project schedule for first oil production.
The upgrade work will take place at the Nymo yard in Arendal, Norway.
Huntington is operated by E.ON with an equity share of (25%) in which the other joint venture partners are Premier Oil with 40%, Altinex Oil (UK) (20%) and Carrizo Oil & Gas (15%).
