Noreco sheds Oselvar interest

Noreco Norway AS, a subsidiary of Norwegian Energy Company ASA (Noreco), has announced the sale of its 15% participating interests in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field with associated tax balances, to CapeOmega. 

Noreco sold its interest for a total consideration of NOK 201 million ($25.6 million).

The transaction is effective as of January 1, 2015. The transfer of license interests requires approvals from the Norwegian authorities.

According to Noreco’s press release, 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.

Oselvar is a producing field in the Southern North Sea. The field started production in 2012, and is developed with a subsea template which is tied back to the BP operated Ula field.

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