Maersk to strengthen grip on Flyndre in North Sea

Norwegian Energy Co. (Noreco) has agreed to sell its share of the North Sea Flyndre discovery to Maersk Oil for NOK 19 million ($3.5 million).

Offshore staff

STAVANGER, Norway – Norwegian Energy Co. (Noreco) has agreed to sell its share of the North Sea Flyndre discovery to Maersk Oil for NOK 19 million ($3.5 million).

Flyndre is a Paleocene structure on the median line between the Norwegian and UK sectors which Maersk is close to developing. The Norwegian part is in license PL018C, in which Noreco has a 13.338% interest.

Noreco's estimates its share of proved and probable reserves at 400,000 boe. The license also contains a discovery in the Cretaceous formation which Noreco will retain.

08/22/2011

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