Noreco Norway today confirmed it has sold its remaining exploration licences, employees and a cash balance of NOK45million to Det norske oljeselskap.
A company spokesperson said: “Subject to completion, the proposed transaction, will constitute a ceasing of all of Noreco Norway’s petroleum activities.
“Added to the proceeds from the Oselvar sale this is expected to result in an estimated recovery of approximately 94.7% of the initial principal amount under the NOR06 bond issue.”
A summons to a bondholder meeting to formally approve the transaction is expected in the coming weeks. The deal is still subject to approval from the Ministry of Petroleum and Energy and the Ministry of Finance.