Noreco's Huntington default notice

摘要

Norwegian Energy Co (Noreco) reports that its UK subsidiary, Noreco Oil UK, has been served a notice of default under the Joint Operating Agreement (JOA) governing the Huntington licence in the UK North Sea. Post the completed restructuring in April 2015, Noreco retained Stellar Energy Advisors to sell its 20% stake in the Huntington licence. This process has now been terminated as no acceptable offers were received, Noreco said. E.ON E&P UK operates Huntington with a 25% stake, while Premier Oil holds 40%, Iona Energy Canada has 15% and Noreco has 20%.