Noreco announces that the Dvalin PDO has received approval by the authorities
Oslo, 22 March 2017: Reference is made to previous announcements regarding the Dvalin (formerly known as Zidane) contingent payment.
Norwegian authorities have now approved the Dvalin PDO and Noreco is due payment from OMV according to the agreement. The payment of USD 14.32 million is due by the end of April, 2017. This means that NOR06 bondholders will receive approximately NOK 36.5 million according to the amended bondholder agreement of March 16, 2016.
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.