Noreco announces the sale of its Norwegian exploration activities to Det norske oljeselskap
Oslo, 2 March 2016: Norwegian Energy Company ASA (‘Noreco’) announces that its fully owned subsidiary Noreco Norway AS (Noreco Norway) has entered into a Sale and Purchase Agreement (‘SPA’) with Det norske oljeselskap ASA (‘Detnor’) for the sale of its remaining exploration licences, employees and a cash balance of ca. NOK 45 million, to be adjusted for working capital. The effective date of the transaction is 1 January 2016. Subject to completion, the proposed transaction, (together with the previously announced Enoch transaction; reference is made to the press release of 21 December,