Noreco announces expected Dvalin (‘Zidane’) success payment
Oslo, 15 February 2017: Norwegian Energy Company ASA (“Noreco”) and the subsidiary Noreco Norway AS (“Noreco Norway”) today announce that a success payment of USD 14.32 million is expected upon approval by the authorities of the Dvalin PDO.
Reference is made to previous announcements regarding the Dvalin (formerly known as Zidane) contingent payment. The licence partners all acceded the PDO by January 3rd2017. Final approval by the authorities is still pending, but expected to be imminent.
Based on the data and volumes Noreco has been presented and expert second opinions, the number due to Noreco is USD 14.32 million or NOK 120 million on today’s exchange rate. This means that NOR06 bondholders would receive approximately NOK 36 million according to the amended bondholder agreement of March 16, 2017.
Silje Augustson, CEO. Tel.: +47 215 15 707
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.