Noreco could face losing its stake in a number of assets after failing to make payments for operations costs.
The Norwegian energy company said its Danish subsidiary was prevented in January from making payments for its share of production costs at the Nini field and as a result was in breach of its licence agreement.
It means other partners may now claim Noreco’s 30% interest in the licence without any consideration.
The company said as part of negotiations to agree on an overall restructuring proposal for Noreco, a committee of bondholders has stated that their consent would require that costs and cash flows related to its operations in Denmark must be improved.
