Loyz Energy to buy 20% of Norwegian firm

Published Wed, Mar 5, 2014 · 10:00 PM
Share this article.

UPSTREAM oil and gas group Loyz Energy yesterday announced it would be acquiring a 20 per cent stake in Norwegian oil and gas exploration firm Fram for US$41.4 million.

The acquisition will allow both firms to share expertise and resources, said Loyz, and should Fram decide to carry out an initial public offering in the future, Loyz, as a shareholder in Fram, will benefit.

This proposed acquisition comes after a participation and exploration agreement (PEA) signed between Loyz Oil, Rex Oil & Gas and Fram in August 2012, to acquire interests in Fram and develop certain oil and gas leases owned by Fram, for the purposes of exploring and producing oil, gas and other hydrocarbons, by all three parties.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to

Companies & Markets


Get the latest coverage and full access to all BT premium content.


Browse corporate subscription here