Det norske acquires Noreco’s Norwegian portfolio

This article originates from the news archive of Det norske.

2. March 2016

Det norske oljeselskap ASA («Det norske») has entered into an agreement with Noreco Norway AS (“Noreco”) to acquire Noreco’s Norwegian license portfolio, including a ca. NOK 45 million cash balance. The effective date of the transaction is 1 January 2016.

The license portfolio consists of seven licenses on the Norwegian Continental Shelf, including a 20 percent interest in the Gohta discovery (PL492) in the Barents Sea. Noreco’s 4.36 percent interest in the Enoch field is not included in the transaction.

“Following the recent acquisition of both Svenska Petroleum Norway and Premier Oil’s Norwegian subsidiary, this take-over of Noreco Norway underlines Det norske’s belief in, and commitment to the Norwegian Continental Shelf”, says Karl Johnny Hersvik, CEO of Det norske.

The transaction is subject to regulatory approvals and contingent on approval from the NOR06 bondholders. Noreco has received pre-acceptance and voting commitments for the transaction from major bondholders holding a majority of outstanding bonds.