The transaction has been approved by the US Department of Energy and Climate Change and the joint venture partners.

With the interest acquisition, the company has increased its stake to 50% in the license that includes the Kraken discovery.

Earlier this month, the company said that in consideration for the acquisition, it would fund Canamens’ share of the remaining costs relating to the 9/02b-E appraisal well and a 3D seismic survey, and waive £7m ($11.34m) of past costs owed by Canamens for the drilling of the 9/02b-4 well and 9/02b-4z sidetrack.