New Norway/UK oil explorer gets $525 million in funding

Riverstone Holdings

26/08/2014 08:01

LONDON, Aug 26 (Reuters) - Three energy investment funds 
have promised a combined $525 million in financing for a new oil 
exploration and production company focused on Norway and 
Britain, operating under the name Origo Exploration AS. 
    Energy investor Riverstone Holdings  RVHL.SI  and Barclays 
bank's  BARC.L  energy fund BNRI are each contributing $200 
million, and Singapore's sovereign investment fund Temasek $125 
million. 
    Origo, headquartered in Norway's oil capital Stavanger, 
plans to take part in drilling around 25 exploration wells over 
the coming five years, focusing on Norwegian and British waters. 
    The company aims to purchase exploration licences through 
farm-in deals, by participating in licensing rounds and 
acquisitions. 
    Oil entrepreneurs Andrew Armour and Timothy Sullivan, who 
have previously set up North Sea exploration firms, are leading 
Origo together with Norwegian experts Svein Ilebekk, Kent 
Hogseth and Orjan Gjerde. 
 
 (Reporting by Karolin Schaps, editing by John Stonestreet) 
 ((karolin.schaps@thomsonreuters.com)(+44)(0)(207 542 
6622)(Reuters Messaging: 
karolin.schaps.reuters.com@reuters.net)) 
 
Keywords: NORWAY OIL/CONFERENCE ORIGO