Noreco, North Energy Agree Asset Transfer on PL484

Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30 per cent ownership in PL484 in the Norwegian Sea to North Energy ASA (North). The transfer is subject to government approval.

Further, the companies have agreed that Noreco, under certain conditions, has a right to re-enter the licence with a reduced equity share in the future.

The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea. This part of the agreement has been cancelled, and Noreco will consequently continue owning 20 per cent in this licence, where an exploration well will be drilled on the Haribo prospect later this year.