The well situated 10km from the Snøhvit field is being drilled to prove presence of hydrocarbons in lower Cretaceous/upper Jurassic reservoirs.
Lundin Norway is the operator of the PL490 with 60% interest whereas Noreco Norway and Spring Energy Norway each owns 20% each in the license.
Spring Energy Norway is planning to acquire another 10% in the license from Lundin Norway and increase its stake to 30%.
The transaction is subject to approval from the relevant authorities.
