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Noreco reduces ownership in Xana licence

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Oilfield Technology,

As part of a multi-lateral agreement, a wholly owned subsidiary of Norwegian Energy Company ASA is reducing its ownership in licence 9/95 on the Danish continental shelf from 20.1% to 16%.

The ownership is being transferred to Nordsøfonden, which is the Danish State’s oil and gas company.

As previously reported, drilling of the exploration well 9/95 Xana commenced in December. The transfer of ownership has already been approved by the Danish authorities and becomes effective immediately. Nordsøfonden will consequently carry its share of the costs related to the Xana well.

Adapted from press release by Joe Green

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