Noreco sells Grosbeak oil discovery
(Thomson Reuters ONE) -
Stavanger, 19 July 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) has
entered into an agreement to sell its 20% interest in PL378 to Talisman Energy
Norge AS for a consideration of USD 43 million. The license contains the
Grosbeak oil discovery.
"We are pleased to be part of the exploration success and to be able to monetize
the Grosbeak discovery through this transaction. A core part of our business
model is to sell discoveries and reinvest into further exploration and growth,"
said Noreco's CEO Scott Kerr.
Noreco has been partner in PL378 since it was awarded in the APA 2005 licencing
round, and the Grosbeak discovery was made in 2009. Noreco's exploration program
for 2010 included a new exploration well on the PL378 Gnatcatcher prospect, and
an appraisal well on the Grosbeak discovery. Following the transaction, the
company's exploration program will be adjusted accordingly.
Economic effective date of the transaction is 1 January 2010. The agreement is
subject to approval from Norwegian authorities.
For more information, please contact:
Scott Kerr, Chief Executive Officer (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1432366]
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Source: NORECO via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 19.07.2010 - 08:01 Uhr
Sprache: Deutsch
News-ID 24079
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contact information:
Town:
Stavanger
Kategorie:
Business News
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