Noreco reduces ownership in Xana licence
Stavanger, 15 January 2015: As part of a multi-lateral agreement, a wholly owned subsidiary of Norwegian Energy Company ASA (“Noreco”) is reducing its ownership in licence 9/95 on the Danish continental shelf from 20.1 per cent to 16 per cent.
The ownership is being transferred to Nordsøfonden, which is the Danish State’s oil and gas company.
As previously reported, drilling of the exploration well 9/95 Xana commenced in December. The transfer of ownership has already been approved by the Danish authorities and becomes effective immediately. Nordsøfonden will consequently carry its share of the costs related to the Xana well.
After the transactions, the ownership in the 9/95 license is as follows (previous ownership in brackets):
Maersk Oil 34 % (42.6 %)
DONG E&P 20 % (27.3 %)
Noreco 16 % (20.1 %)
Danoil Exploration 10 % (10 %)
Nordsøfonden 20 % (0 %)
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, and employs 49 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.