Norwegian Energy Company or Noreco has penned a deal to take up 12 percent of Swedish oil company Lundin’s License 440S in the southern North Sea, it was understood Monday.

In a statement company chief exec Scott Kerr pointed to Noreco’s new strength and upside, with government approvals for three other acquisitions: 10 percent of PL 256 from DONG; 15 percent of PL274 including the Oselvar discovery from Revus and 35 percent PL316 from Talisman. Noreco.

Noreco recently grew with the acquisition of Altinex, and in July was "prequalified" as a suitable operator offshore Norway by Norwegian authorities.