Chrysaor, the leading UK oil & gas independent, announces that its Norwegian subsidiary, Chrysaor Norge AS, has received consent from the Ministry of Petroleum and Energy to complete its acquisition of a 15% working interest in the PL 038D licence, containing the Grevling discovery, from OKEA AS Chrysaor’s partners in the licence are OKEA AS (55%) and Petoro (30%).

Phil Kirk, Chief Executive of Chrysaor, said: “Building our asset position on the Norwegian Continental Shelf is a key part of our strategy to become a market leading North European E&P company. Receiving approval for the transfer of the PL 038D licence is an important first step in delivering on our growth plans.”

About Chrysaor

Chrysaor is a private company established in 2007 and focused on generating superior equity returns by developing and commercialising oil and gas incremental resources. The management team has a proven track record of success and seeks to acquire producing fields with associated undeveloped hydrocarbon resources. Chrysaor is now a self‐sustaining full cycle E&P company, with a portfolio of assets balancing near term development with production growth, combined with significant gearing to appraisal and exploration success.

About OKEA AS

OKEA is a pure Norwegian oil and gas production and development company located in Trondheim and established in June 2015. Since then OKEA has built a strong organization with a team of experienced people with the ability to innovate. OKEA shall contribute to the value creation on the Norwegian Continental Shelf, with cost effective development and operation systems.