Noreco Finishes Sale of Zidane-1 Discovery

Norwegian Energy Company (Noreco) has completed the sale of its interest in license PL435 on Haltenbanken, containing the gas discovery Zidane-1, to OMV (Norge) AS.

The agreement to sell PL435 was announced in October this year. The price is NOK 180 million with effective date 1 January 2011. Noreco is also under certain conditions entitled to an additional consideration if a discovery is made in the upcoming exploration well Zidane-2.

Noreco expects to record a gain of NOK 149 million from this transaction in the fourth quarter 2011. The transaction will have a positive impact on Noreco’s equity ratio of approximately 1.3 percentage points.

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Offshore Nieuws Staff , January 2, 2012;