Wellesley acquired Aker BPâs 20% interest in PL 871 on 28 December 2018. The deal was announced by the NPD on 16 January 2019. PL 871 covers an area of 150 sq km over parts of blocks 25/1, 25/2, 25/4 and 25/5. Wellesley is planning to drill exploration well 25/1-13 targeting the Balcom prospect in the licence during February 2019 (see separate article).   Aker BP is looking to create a development hub in this area with its NOAKA project, and further reserves found at Balcom could strengthen the project economics. The Ministry had initially instructed Aker BP and Equinor to work together to find a common solution for developing the fields in the NOAKA project but both companies had differing ideas and could not agree on a combined way forward. As a result, it is understood that separate solutions can now be moved forward, with concept selections due in early 2019.  Following completion of the deal Wellesley Petroleum AS operates PL 871 with a 60% interest. It is partnered by Equinor Energy AS (20%) and LOTOS Exploration and Production Norge AS (20%).
Wellesley (->60%) acquired Aker BPâs 20% (->0%, Equinor 20%, Lotos 20%) interest in PL 871 block.