The agreement to sell PL435 was announced in October this year. The price is NOK 180 million with effective date 1 January 2011. Noreco is also under certain conditions entitled to an additional consideration if a discovery is made in the upcoming exploration well Zidane-2.
Noreco expects to record a gain of NOK 149 million from this transaction in the fourth quarter 2011. The transaction will have a positive impact on Noreco's equity ratio of approximately 1.3 percentage points.
Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)