Unlisted Norwegian Energy Company, or Noreco, is launching a mandatory takeover bid for the remaining shares in Norwegian Altinex, and by the end of August, will be 100-percent owner.

A Noreco offer was widely welcomed when it came 10 days ago, with 90 percent of shareholdings offered up.

Altinex is 20-percent stakeholder in Canadian oil company Oilexco’s Huntington find in the U.K. sector of the North Sea, which earlier this year tested nearly 5,000 barrels of oil per day.