Noreco farms down in Romeo
Stavanger, 26 November 2012: Noreco UK Ltd, a fully owned subsidiary of Norwegian Energy Company ASA, has entered into an agreement to sell 11.9 percent of UK licence P1666, where the Romeo exploration well is currently being drilled, to Total.
After this transaction, Noreco will keep a 10 percent interest in the licence. The consideration consists of GBP 2.4 million in cash, plus a carry of drilling costs for Noreco’s retained interest of up to GBP 2 million. The agreement is effective from 1 April 2012.
The transaction is part of Noreco’s active portfolio management, and is subject to receipt of government approvals.
Kjetil Bakken, VP Investor Relations ( +47 91 889 889)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com