Noreco, North Energy in asset transfer off Norway

  • Business & Finance

Norwegian Energy Company (Noreco) has agreed to transfer its 30 per cent ownership in PL484 in the Norwegian Sea to North Energy ASA (North).

According to North Energy, PL 484 in the Norwegian Sea contains several promising prospects and the licence group is now evaluating potential for further exploration drilling. The agreement is subject to regulatory approvals and the effective date is January 1, 2015.

Furthermore, the companies have agreed that Noreco, under certain conditions, has a right to re-enter the licence with a reduced equity share in the future.

The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea. This part of the agreement has been cancelled, and Noreco will consequently continue owning 20 per cent in this licence, where an exploration well will be drilled on the Haribo prospect later this year.

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