Article - 05/09/2013

Eykon AS and Kolvetni AS Merge

Kolvetni AS in Norway, an oil company partially owned by Mannvit, has merged with another Icelandic oil company, Eykon AS.  Kolvetni AS will take Eykon over in exchange for shares.

 

The merged company will use the name Eykon, and it will become the largest oil company in Iceland.  It will hold two exploration and production licenses in the Dreki area in cooperation with Ithaca Energy, CNOOC – one of the largest oil companies in the world - and Petero in Norway.  

 

The oil company will focus its operations in Norway and apply for exploration and production licenses there.  Eykon will concentrate on the northern part of the Atlantic Ocean, where their field of expertise within all aspects of oil exploration lies.  It is the expectations of the owners that the association with Norway will promote the operations and the development of expertise in Iceland, both in oil exploration and extraction, as well as in related fields.