Noreco and North Energy agree asset swap
Stavanger, 14 August 2014: Noreco Norway AS and North Energy ASA have agreed to swap assets in two licenses on the Norwegian continental shelf. According to the agreement, Noreco will increase its ownership in the Haribo license PL616 in the North Sea and reduce ownership in the Verdande license PL484 in the Norwegian Sea.
Noreco’s interest in license PL616, which includes the Haribo prospect, will increase from 20 per cent to 30 per cent. An exploration well has recently been decided, and is likely to be drilled medio 2015. The reserves potential for this prospect is estimated at 69-192 million barrels of oil equivalents.
As part of the agreement, Noreco will also transfer ownership of 15 per cent of PL484 to North Energy ASA. Noreco’s share in the license, where the Verdande prospect was recently drilled, will be 15 per cent after this transaction.
The agreement will be executed with effect from 1 July 2014. The transfer of assets is conditional upon authority approval.
Svein Arild Killingland, CEO (0047 913 40 786)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com