Noreco opts out of Grosbeak

Noreco has agreed to sell its 20% interest in Norwegian North Sea license PL378 to Talisman Energy Norge for $43 million.

Offshore staff

STAVANGER, Norway -- Noreco has agreed to sell its 20% interest in Norwegian North Sea license PL378 to Talisman Energy Norge for $43 million. The permit includes last year’s recent Grosbeak oil find.

"A core part of our business model is to sell discoveries and reinvest into further exploration and growth," said Noreco CEO Scott Kerr.

Noreco was due to participate in an appraisal well on Grosbeak later this year, but will adjust its exploration program following the transaction, which is effective from January 1, 2010, subject to approval from Norway’s authorities.

07/19/2010

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