Noreco and North Energy agree asset swap

Noreco Norway AS and North Energy ASA have agreed to swap assets in two licenses on the Norwegian Continental Shelf.

According to the agreement, Noreco will increase its ownership in the Haribo license PL616 in the North Sea and reduce ownership in the Verdande license PL484 in the Norwegian Sea.

Noreco’s interest in license PL616, which includes the Haribo prospect, will increase from 20% to 30%. An exploration well has recently been decided, and is likely to be drilled in 2015. The reserves potential for this prospect is estimated at 69-192 million boe.

As part of the agreement, Noreco will also transfer ownership of 15% of PL484 to North Energy. Noreco’s share in the license, where the Verdande prospect was recently drilled, will be 15% after this transaction.

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18082014/noreco-and-north-energy-swap-norwegian-sea-assets-1292/