Noreco Norway divests Oselvar interests
Stavanger 1 July 2015: Noreco Norway AS, a subsidiary of Norwegian Energy Company ASA (Noreco), announced the sale of its 15 per cent participating interests in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field with associated tax balances, to CapeOmega for a total consideration of NOK 201 million.
The transaction is effective as of 1 January 2015. The transfer of license interests requires approvals from the Norwegian authorities. The parties have agreed that the transaction must be completed by the end of 2015. When the transaction is completed, the net proceeds (after pro & contra settlement adjustment since effective date) will be transferred to proceeds account and used to pay the NOR 06 bondholders.
Contact:
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
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About Noreco Norway:
Noreco Norway AS was established in May 2004 and is a subsidiary controlled by the ultimate parent company Norwegian Energy Company ASA (Noreco), which is listed on the Oslo Stock Exchange with the ticker NOR. Noreco Norway AS is the issuer of the listed bond NOR06.
About CapeOmega:
CapeOmega is a late-life E&P company, established in 2014 to create value in mature fields on the NCS. CapeOmega is backed by private equity investor HitecVision.