Oselvar and Enoch divestment update
(Thomson Reuters ONE) -
Stavanger, 3 March 2011: Norwegian Energy Company (Noreco) in September 2010
announced an agreement to sell its shares in the Oselvar and Enoch fields in
Norway to Marubeni Corporation. The parties have now been informed that the
buyer does not yet fulfil the requirements applicable to a licensee on the
Norwegian Continental Shelf.
Approval by relevant Norwegian authorities is one of the conditions precedent to
the sale and purchase agreement ("SPA"), and the transaction has therefore not
yet been completed. In accordance with the SPA, the parties are now negotiating
in good faith alternative solutions.
Oselvar is an oil and gas field under development, located in license PL274 and
PL274CS in the southern North Sea. Noreco has a 15 percent interest in the
field, representing reserves of 8.1 million barrels of oil equivalents (mmboe).
Production is expected to start in the fourth quarter 2011. License PL274 also
contains another discovery named Ipswich.
Enoch is an oil field located in the Central North Sea, straddling the border
between Norway and UK. Noreco owns 4.36 percent of the field through its 21.8
percent share in license PL048D. Reserves were 0.3 mmboe at the end of 2010.
Marubeni Corporation is one of the biggest Japanese trading houses with business
divisions in energy, food, metals & mineral resources, plant & ship, chemicals,
forest products, transportation machinery, lifestyle, information technology,
power projects & infrastructure, finance, logistics & IT, and real estate
development. Its business spreads all over the world, with 118 offices in 71
countries. Energy is one of its focus areas and Marubeni currently has oil and
gas fields in the UK, US, Qatar, India and Sakhalin.
Contacts:
Rune Martinsen, VP Strategy & Investor Relations (+47 992 83 853)
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)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1494253]
Unternehmensinformation / Kurzprofil:
Datum: 03.03.2011 - 11:45 Uhr
Sprache: Deutsch
News-ID 52108
Anzahl Zeichen: 2742
contact information:
Town:
Stavanger
Kategorie:
Business News
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"Oselvar and Enoch divestment update"
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NORECO (Nachricht senden)
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