Noreco announces an update regarding the Huntington License
Oslo, 19 December 2016. Norwegian Energy Company ASA (‘Noreco’) announces that its fully owned subsidiary Noreco Oil UK Limited has entered into an agreement to transfer its 20% participating interest in the Huntington license with all rights and obligations to Premier Oil E&P UK Limited.
The transaction will have an accounting effect of a net gain of NOK 225 million to be reflected in the full year accounts.
Contact:
Silje Augustson, CEO. Tel.: +47 215 15 707
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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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.