Noreco sells gas discovery
(Thomson Reuters ONE) -
Stavanger, 21 October 2011: Norwegian Energy Company (Noreco) has entered into
an agreement to sell its 20 percent share of license PL435 on Haltenbanken to
OMV (Norge) AS.
License PL435 contains the gas discovery Zidane-1 which was made in 2010. This
discovery is estimated to contain between 5 and 18 billion standard cubic metres
of recoverable gas. The second exploration well in the license is named Zidane-
2 and is planned to be drilled later this year.
Noreco will receive a consideration of NOK 180 million upon completion of the
transaction. Under the agreement Noreco is also entitled to a volume-dependent
consideration if a discovery on Zidane-2 proves commercially recoverable volumes
of hydrocarbons beyond certain levels. This conditional amount is payable upon
approval of a Plan for Development and Operations (PDO) which includes Zidane-2.
The transaction is subject to approval by Norwegian authorities.
Contacts:
Einar Gjelsvik, CEO (+47 992 83 856)
Kjetil Bakken, VP Investor Relations (+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#1556731]
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 78810
Anzahl Zeichen: 1835
contact information:
Town:
Stavanger
Kategorie:
Business News
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