Norwegian Energy Company ASA (Noreco) has entered into an agreement to sell a 30% interest in exploration license PL411 in Norway to Spring Energy.

Noreco has today signed an agreement with Spring Energy to farm-out of exploration license PL411 in the Stord basin in Norway. The effective date of the transaction is 1 January 2008 and the completion of the transaction is pending customary approvals.

“ We have a growing portfolio of 7 producing fields, 18 discoveries and 54 licenses, and this transaction is part of our active, ongoing portfolio management to high-grade our portfolio. In addition, we are currently marketing some of our discoveries”, says CEO Scott Kerr.

The license is located in the Stord basin. The licence was awarded in the APA2006 round. Noreco is the operator of the license, and will have a 70% interest after the transaction.

Tags: Norwegian Energy Company ASA, Spring Energy