Noreco reduces stake on Danish license

Norwegian Energy Co. (Noreco) has reduced its ownership in license 9/95 on the Danish continental shelf from 20.1% to 16%.

Offshore staff

STAVANGER, Norway – Norwegian Energy Co. (Noreco) has reduced its ownership in license 9/95 on the Danish continental shelf from 20.1% to 16%.

Its stake is being transferred to Danish national oil and gas company Nordsøfonden.

Drilling of the exploration well 9/95 Xana began in December. Nordsøfonden will consequently carry its share of the costs related to the Xana well.

The transfer of ownership has already been approved by the Danish authorities and becomes effective immediately.

After the transactions, the ownership in the 9/95 license is as follows: Maersk Oil (operator) 34%, DONG E&P 20%,Noreco 16%, Danoil Exploration 10%, Nordsøfonden 20%.

01/15/2015

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