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Noreco eyes $130M Oslo float


Published Oct 8, 2007
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Growing Norway-based oil company Noreco plans to raise NOK700 million ($129.3 million) on the Oslo Boerse with a float aimed at capital lenders and brokerages.

The company expects no less than NOK400 million ($74 million) for the launch after 10 days of “book-building” and presenations. Once the interest of institutional investors decides the stock price, the Norwegian public will be granted a chance to buy up to NOK50 million ($9.2 million) in shares.

The company is fresh from a takeover of Altinex and now boasts seven producing fields, 14 discoveries and 46 licenses after a summer of acquisition offshore Norway.

The company is headed by former BP Norway managing director Scott Kerr.



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