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Noreco selles its Assets in Oman to Tethys Oil

Source: www.gulfoilandgas.com 11/9/2007, Location: Middle East

Noreco has entered into an agreement to sell its assets in Oman to Tethys Oil AB. Noreco has through its subsidiary Altinex Oil Denmark A/S entered into an agreement to sell all its assets in Oman to Tethys Oil AB. Under the agreement, Noreco will sell its 50% interest in Blocks 3 and 4 onshore Oman for a consideration of 2 million US$ to be paid in cash. The agreement is subject to customary approvals. Following completion of this transaction, Noreco will not have any remaining interests or obligations in Oman.

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