Noreco sells gas discovery
2011.10.22 -
Field Development
Norwegian Energy Company (Noreco) has entered into an agreement to sell its 20 percent share of license PL435 on Haltenbanken to OMV (Norge) AS.
License PL435 contains the gas discovery Zidane-1 which was made in 2010. This discovery is estimated to contain between 5 and 18 billion standard cubic metres of recoverable gas. The second exploration well in the license is named Zidane-2 and is planned to be drilled later this year.
Noreco will receive a consideration of NOK 180 million upon completion of the transaction. Under the agreement Noreco is also entitled to a volume-dependent consideration if a discovery on Zidane-2 proves commercially recoverable volumes of hydrocarbons beyond certain levels. This conditional amount is payable upon approval of a Plan for Development and Operations (PDO) which includes Zidane-2.
The transaction is subject to approval by Norwegian authorities.
PA Resources AB has signed an agreement with the shareholders to acquire the entire share capital of the British oil exploration company Scotsdale Ltd. The company is focusing on low risk exploration in North West Europe. The acquisition means that PA Resources increases its presence in the North Sea with licenses in the United Kingdom and Denmark, and potentially also in the Netherlands.
Aker Exploration has entered into agreements with the international oil company Eni Norge to acquire ownership interests in two licenses in the vicinity of the Åsgard field. The agreements further strengthen Aker Exploration’s position in the Norwegian Sea.
SCAN Geophysical ASA (SCAN) today announced that the company is
remobilising its seismic vessel, M/V Geo Searcher, to re-commence a previously-suspended
2D project offshore Pakistan for BP.
The Norwegian Petroleum Directorate (NPD) has granted ENI Norge AS a drilling permit for wellbore 34/12-1 in the North Sea.
Eni has successfully drilled the last appraisal well, encountered approximately 127 metres (419 ft) of net pay in multiple sands. The initial analysis indicates good reservoir quality.
