Wednesday, July 1, 2015

Noreco divests Oselvar stakes

Noreco ASA has announced the sale of its 15% interest in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field with associated tax balances, to CapeOmega for a total consideration of NOK 201 million (US$25.5 million).

The transaction is expected to be completed by the end of 2015 with effectiveness from 1 January 2015.

The other partners in the licences include DONG (Operator 55%) and Bayerngas (30%).

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