Neptune Energy acquires additional interest in Dugong discovery

Neptune Energy is to acquire a further 5% interest in the Dugong licence (PL882) in the Norwegian sector of the North Sea from Concedo, bringing its total stake to 45%.

The Neptune-operated Dugong discovery is the largest on the Norwegian Continental Shelf so far this year. Volumes are estimated to be in the range of 40–20mn boe. 

The transaction is subject to approval by the Norwegian Ministry of Petroleum and Energy. On completion of the deal, the Dugong partners will be Neptune Energy (operator, 45%), Concedo (15%), Petrolia NOCO (20%) and Idemitsu Petroleum Norge (20%).