Norwegian Energy Company (Noreco) has entered into an agreement to sell its 20 percent share of license PL148 in the North Sea to Lundin Petroleum.
The license contains the oil discovery Brynhild (previously called Nemo), where a Plan for Development and Operations (PDO) was recently approved by Norwegian authorities.
Noreco will receive a consideration of USD 2.4 million upon completion of the transaction, in addition to reimbursement of certain costs incurred in the license during 2011.
The transaction is not expected to have any material impact on Noreco's financial results or covenants. The transaction is subject to approval by Norwegian authorities.