Noreco to keep Oselvar
(Thomson Reuters ONE) -
Stavanger, 29 March 2011: Norwegian Energy Company (Noreco) has chosen to
terminate the agreement to sell Noreco's interests in the Oselvar and Enoch
fields to Marubeni Corporation (Marubeni).
The agreement with Marubeni was entered into in September 2010. On 3 March 2011
it was announced that the buyer had not yet fulfilled the requirements
applicable to a licensee on the Norwegian Continental Shelf. This is still the
situation.
"The Oselvar development is progressing according to plan and the strong
improvement of market fundamentals has contributed to a significant increase in
the value of the field. Noreco therefore sees the decision to terminate the
agreement with Marubeni as accretive to shareholder value, and the company will
continue investing in the Oselvar field development. The remaining investment
cost is expected to be financed with new debt," says Noreco's CEO Einar
Gjelsvik.
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 during the first half of 2012, somewhat later
than originally planned due to rescheduling of installation works on the Ula
host platform. 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.
Due to the termination of the agreement with Marubeni and the recent changes in
Noreco management, the company has posted an updated corporate presentation on
its website www.noreco.com.
Contacts:
Einar Gjelsvik, CEO (+47 992 83 856)
Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Investor Presentation 29 March 2011:
http://hugin.info/138447/R/1501133/436470.pdf
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(i) the releases contained herein are protected by copyright and
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originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1501133]
Unternehmensinformation / Kurzprofil:
Datum: 29.03.2011 - 08:51 Uhr
Sprache: Deutsch
News-ID 52892
Anzahl Zeichen: 2919
contact information:
Town:
Stavanger
Kategorie:
Business News
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"Noreco to keep Oselvar"
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