Noreco Norway Sells Petroleum Activities

Norwegian Energy Company ASA announced Monday that its fully owned subsidiary Noreco Norway AS has agreed to sell off its exploration license interests, organization and management systems to Djerv Energi AS.

Additionally, Noreco Norway will transfer its 4.36 percent participating interest in the Enoch license to CapeOmega AS. Subject to completions, the proposed transactions will lead to a subsequent ceasing of all of Noreco Norway’s petroleum activities.

The proposed transactions are conditional upon approvals by the Norwegian Ministry of Petroleum and Energy and Ministry of Finance. Additionally, the transaction entered into with Djerv is conditional on approval from NOR06 bondholders.



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