Maersk to strengthen grip on Flyndre in North Sea

Offshore staff

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.

08/22/2011



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