Noreco completes Oselvar stake sale

Norwegian Energy Company ASA (Noreco) has completed the sale of its licences that contain the Oselvar field, offshore Norway. 

In July 2015, Noreco sold 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.

Noreco says that transfer of the licenses has now been approved by the Norwegian authorities, and completion of the transaction has occurred on Thursday.

The transaction is made with an effective date as of January 1, 2015.

According to the company, the total consideration to Noreco is NOK 201 million and the net proceeds, expected to be approx. NOK 175 million, will be transferred to a proceeds account and used to pay the NOR 06 bondholders in accordance with the terms of NOR06 bond.

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