Noreco Reduces Ownership in Xana Licence

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

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.

After the transactions, the ownership in the 9/95 license is as follows (previous ownership in brackets):

Maersk Oil 34 % (42.6 %)
DONG E&P 20 % (27.3 %)
Noreco 16 % (20.1 %)
Danoil Exploration 10 % (10 %)
Nordsøfonden 20 % (0 %)