Noreco Sells Siri to Dong for $13M

Noreco on Friday completed the sale of its interests in the Siri field to DONG Energy.

The agreement to sell Siri was announced in July this year. The price is USD $13 million with effective date July 1, 2011.

Noreco wrote down the value of the Siri field in the third quarter 2011, and the transaction is therefore not expected to have any significant impact on the company's fourth quarter 2011 results.

The transaction will have a positive impact on Noreco's equity ratio of approximately 1 percentage point due to the corresponding reduction of assets and liabilities in the balance sheet.

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