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LIVE

Saturday, 30 August, 2008, 11:20 GMT | more prices >>

Noreco takes Gita slice

By Upstream staff

Norwegian explorer Noreco has taken a 12% stake in the Gita prospect, which lies in licences 9/06 and 9/95, off Denmark, from US supermajor Chevron.

The deal with Chevron dates to October last year and has just been approved by the Danish authorities.

Noreco said the Gita partners will now sink an exploration well on Gita targeting two plays holding a gross estimate of 493 million barrels of oil equivalent.

The well will be drilled by the Ensco 101 later in the year.

The Gita licences are operated by Danish company Maersk Oil & Gas.