November 7, 2008
Noreco to Sell 30% Interest in Norwegian License to Spring Energy
The Norwegian Energy Company or Noreco, has entered into an agreement to sell a 30% interest in exploration license PL411 in Norway to Spring Energy.
Noreco has signed an agreement with Spring Energy to farm-out of exploration license PL411 in the Stord Basin in Norway. The effective date of the transaction is January 1, 2008 and the completion of the transaction is pending customary approvals.The license was awarded in the APA2006 round. Noreco is the operator of the license, and will have a 70% interest after the transaction.
Scott Kerr, CEO of Noreco, said: "We have a growing portfolio of seven producing fields, 18 discoveries and 54 licenses, and this transaction is part of our active, ongoing portfolio management to high-grade our portfolio. In addition, we are currently marketing some of our discoveries."