Noreco sells North Sea license to Total

12/19/2013

Noreco sells North Sea license to Total

STAVANGER, Norway -- Norwegian Energy Company (UK) Ltd, a fully-owned subsidiary of Norwegian Energy Company ASA, has entered into an agreement to sell 35 percent of UK license P2032 to Total E&P UK.

After this transaction, Noreco will keep a 15 per cent interest in the license. According to the agreement, Total will compensate Noreco by carrying Noreco’s share of seismic costs. If the license partnership decides to drill an exploration well on the license, Total will also cover drilling costs for Noreco’s retained interest in the license. The agreement is effective from December 1, 2013.

The existing carry agreement between Noreco and license partner Trap Oil is still in force, leaving Noreco with a 6.25 per cent paying equity interest in the license.

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