Northern Petroleum (AIM: NOP) said it had entered into an agreement to sell half of its recently acquired interests in Underground Gas Storage Projects within the Waalwijk gas field in The Netherlands to Star Energy.
Star Energy will pay an initial sum of €970,000 to Northern Petroleum to acquire 50% and will also pay Northern's share of costs on any projects within the field until a final investment decision is reached. Star has also agreed to pay €2.25million of the €4.5million contingent consideration due to Wintershall Noordzee B.V. on Final Investment Division.