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

LONDON Tue Aug 26, 2014 3:01am EDT

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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 and Barclays bank's 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)

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