Noreco sells Zidane interest to OMV

Norwegian Energy Co. (Noreco) has agreed to sell its 20% share of license PL435 to OMV (Norge) AS.

Offshore staff

STAVANGER, Norway – Norwegian Energy Co. (Noreco) has agreed to sell its 20% share of license PL435 to OMV (Norge) AS.

Noreco will receive NOK 180 million ($232.37 million) plus considerations if the second well is commercial beyond a given level and if a Plan for Development and Operations is approved.

The Haltenbanken license holds the Zidane-1 gas discovery with its estimated recoverable reserves of 5 to 18 bcm (177 to 636 bcf). The second well is scheduled to spud before year end.

10/21/2011

More in Regional Reports