17.11.2023 08:45:01 CET | Magnora ASA | Additional regulated information
required to be disclosed under the laws of a member state
Magnora ASA ("Magnora") has reached an agreement with NEO Energy and Dana
Petroleum for redeployment of the Western Isles FPSO to the Greater Buchan Area
("GBA") where start-up is expected in 2026.
On 16 November, Magnora entered into an agreement with NEO Energy and Dana
Petroleum under which, ultimately, the current license agreement with the
Western Isles Owners (the "License Agreement") will be transferred to the
Greater Buchan Owners (NEO Energy (ZEX) Limited, as GBA Operator and GBA Owner
(50%) and Jersey Petroleum, as GBA Owner (50%)).
Dana Petroleum and NEO Energy have agreed to end production from the Western
Isles Fields which produce through the FPSO on or around 31 March 2024. Subject
to regulatory and other approvals, the FPSO will then be acquired by NEO Energy
for redeployment to the Greater Buchan Area. First Oil from the Greater Buchan
Area is currently expected during 2026.
This agreement will permit the redeployment of the FPSO to the Greater Buchan
Area and the transfer of the License Agreement on substantially the same terms
for Magnora as for the Western Isles field.
Additional Information
About Greater Buchan Area
The Greater Buchan Area interests are held under P2498 (Blocks 20/5a, 20/5e and
21/1a) and P2170 (Blocks 20/5b and 21/1d) licenses located in the UK Central
North Sea. License P2498 contains the Buchan oil field and J2 oil discovery and
License P2170 contains the Verbier oil discovery and other exploration
prospects.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Erik Sneve, CEO, email: es at magnoraasa.com
* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) invests in renewable energy development projects and
companies. Magnora's portfolio of renewable companies consists of Helios Nordic
Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund
Magnora Sol AS, Magnora South Africa, and AGV. In addition, Magnora has legacy
revenues from its previous design business and potential milestone payments from
the sale of Evolar AB (sold to First Solar Inc). The company is listed on the
main list on Oslo Stock Exchange under the ticker MGN.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/2757/3855/Download%20announcement
%20as%20PDF.pdf