Noreco Sells Romeo Stake to Total (UK)

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.

Related:

UK: Noreco Starts Drilling on Romeo Prospect

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Press Release, November 26, 2012