Norway's Noreco said Friday that it is set to buy a 30% interest in production license (PL) 471 in Norway after entering an agreement with fellow Norwegian producer Sagex Petroleum. PL 471 lies just north of PL 348, where Noreco recently announced the Gygrid oil discovery, the third find on the license. Noreco said there is significant prospectivity in Cretaceous and Middle Jurassic sandstones in PL 471, and that the license has a potential of over 300 million bbl of recoverable resources.
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