North Energy said Norwegian authorities have approved the transaction and completion of its acquisition of Explora Petroleum.
The deal will see North Energy consolidate its petroleum operation in a single company through transferring today’s petroleum operations from the company to Explora.
The move will bring employees together in a new organisation for the combined compay.
Meanwhile, all petroleum activities in the merged company will be held in North E&P.
The board of directors of North E&P will consist of the chief executive of North Energy, Knut Saeberg, chairman Didrik Leikvang and chief executive of Explora Petroleum, John Pickard.
North Energy said completion of the reorganisation is expected to be completed in the first half of the year.