STAVANGER, Norway – Norwegian Energy Co. (Noreco) has agreed to sell its share of the North Sea Flyndre discovery to Maersk Oil for NOK 19 million ($3.5 million).
Flyndre is a Paleocene structure on the median line between the Norwegian and UK sectors which Maersk is close to developing. The Norwegian part is in license PL018C, in which Noreco has a 13.338% interest.
Noreco's estimates its share of proved and probable reserves at 400,000 boe. The license also contains a discovery in the Cretaceous formation which Noreco will retain.