Japanese upstream firm Japex has acquired a majority stake in Longboat Japex from London-listed independent Longboat Energy to take full control of the Norwegian oil and gas joint venture.
Japex spent $2.5mn to buy the 50.1pc stake, which will completed during July-September this year, Japex said.
It bought a 49.9pc stake in Longboat Japex from Longboat Energy in May last year, with the UK firm last year looking to raise extra funds through asset sales, farm-down deals or issuing new equity.
