Noreco Takes 12% Stake in PL440 S Offshore Norway

Norwegian Energy Company ASA (Noreco) has entered into an agreement to acquire a 12% interest in license PL440 S in the southern part of the Norwegian Continental Shelf (NCS) from Lundin Norway AS. The transaction follows an agreement between the two parties in the APA 2006 licensing round on the NCS.

Noreco has also now received approvals from the Norwegian authorities on its acquisition of three other licenses on the Norwegian Continental Shelf:

- 10% interest in PL 256 from Dong E&P Norge AS
- 15% interest in PL 274 including the Oselvar discovery from Revus Energy ASA
- 35% interest PL 316 CS from Talisman Energy Norge AS

"Noreco is very pleased to have acquired discoveries and exploration acreage in parallel with the acquisition of Altinex, which demonstrates the capacity and capability of our team," says Scott Kerr, Managing Director of Noreco.