Noreco to Sell Stake in Grosbeak Discovery

Noreco has entered into an agreement to sell its 20% interest in PL378 to Talisman Energy for a consideration of $43 million. The license contains the Grosbeak oil discovery.

"We are pleased to be part of the exploration success and to be able to monetize the Grosbeak discovery through this transaction. A core part of our business model is to sell discoveries and reinvest into further exploration and growth," said Noreco's CEO Scott Kerr.

Noreco has been partner in PL378 since it was awarded in the APA 2005 licensing round, and the Grosbeak discovery was made in 2009. Noreco's exploration program for 2010 included a new exploration well on the PL378 Gnatcatcher prospect, and an appraisal well on the Grosbeak discovery. Following the transaction, the company's exploration program will be adjusted accordingly.

Economic effective date of the transaction is January 1, 2010. The agreement is subject to approval from Norwegian authorities.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Project Engineer
Expertise: Electrical Engineering|Instrument & Controls Engineer|Project Management
Location: Deer Park, TX
 
Site Manager / Project Manager Fuels
Expertise: Project Management
Location: Kennesaw, GA
 
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $48.06/BBL 2.51%
Light Crude Oil : $45.77/BBL 2.17%
Natural Gas : $2.97/MMBtu 2.30%
Updated in last 24 hours