Noreco Norway AS, a subsidiary of Norwegian Energy Company ASA (Noreco), announced the sale of its 15 per cent participating interests in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field with associated tax balances, to CapeOmega for a total consideration of NOK 201 million.
The transaction is effective as of 1 January 2015. The transfer of license interests requires approvals from the Norwegian authorities. The parties have agreed that the transaction must be completed by the end of 2015. When the transaction is completed, the net proceeds (after pro & contra settlement adjustment since effective date) will be transferred to proceeds account and used to pay the NOR 06 bondholders.