Noreco reduces Xana ownership

Norwegian Energy Company ASA (Noreco) is reducing its ownership in licence 9/95 on the Danish continental shelf from 20.1 per cent to 16 per cent.

The licence is located close to the gas discovery Svane, in the Danish sector of the North Sea. The ownership is being transferred to Nordsøfonden, which is the Danish State’s oil and gas company.

As previously reported, drilling of the exploration well 9/95 Xana started in December with jack-up drilling unit Noble Sam Turner.

According to Noreco, the transfer of ownership has already been approved by the Danish authorities and becomes effective immediately. Nordsøfonden will consequently carry its share of the costs related to the Xana well.

After the transactions, the ownership in the 9/95 license is as follows (previous ownership in brackets):

Maersk Oil 34 % (42.6 %)
DONG E&P 20 % (27.3 %)
Noreco 16 % (20.1 %)
Danoil Exploration 10 % (10 %)
Nordsøfonden 20 % (0 %)

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