Sagex has today submitted applications for exploration and production licences on the Norwegian Continental Shelf in the Awards in Predefined Areas (APA) 2009 licensing round.

Application and subsequent award of exploration acreage is vital for a new oil company like Sagex, being in the process of building a significant, diversified and high quality portfolio, initially through exploration, which in turn will lead to a sustainable production in the mid and long term. The Norwegian Continental Shelf is the key area for Sagex, although also having a presence abroad including four operated licences in the Faroes and UK.
 
The applications cover blocks in the North Sea and in northern waters, reflecting a positive view on the remaining hydrocarbon potential offshore Norway.