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Noreco buys Talisman Oil Denmark for $83M


Published Apr 25, 2008
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Siri-Spotlight

Norwegian Energy Co., or Noreco, has agreed to buy all the shares in Talisman Oil Denmark Ltd., the junior of Paladin Resources Ltd. and parent company Talisman Energy Inc.

The $83-million deal includes the producing Siri field in the Danish North Sea. Siri will lift Noreco production by 20 percent and add 4.35 million barrels of oil to the company reserves count.

Noreco boosts its share in Siri by 30 percent to 50 percent, and the company now holds the Siri platform hub with area interests at the Cecilie, Nini, Nini East and Rau Fields.

Noreco recently became the No. 2 Norwegian license-holding oil company after StatoilHydro.

Noreco will finance the deal by raising up to NOK 450 million ($87.6 million), NOK300 million of which has been "guaranteed" by a group of new and existing shareholders, the company said in a separate statement.

"Selected Norwegian and international professional investors" are targeted in the fundraising raising.

Tags: Noreco, Talisman Energy



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