Speaking out: Scott Kerr
Noreco boss rubbishes Oilexco talk
Noreco today denied claims it was in talks over assets with Canadian player Oilexco, its partner at the Huntington field, in the UK sector of the North Sea.
"They are looking at their options, but we have not had specific discussions with them regarding whether they were looking at a sale of the company or specific assets," Noreco boss Scott Kerr told Reuters by telephone.
Oilexco has been looking for ways to pay for its exploration programmes in the UK North Sea since October. A source close to the company told Reuters recently that a sale of the company is "one of a number of options".
Oilexco has a 40% stake in the Huntington field, while Noreco has a 20% slice.
Kerr said the work with the Huntington licence is going ahead according to plan with production start-up pencilled in for 2010.
In October, Noreco said it would redeem part of its bonds and remove covenants that had concerned investors. It has also said it is marketing some of its discoveries.
Noreco has three different sets of assets for sale, but Kerr would not identify them.
"It has for a long time been part of our strategy to take some of our discoveries and monetise them," he said.
Kerr said Noreco might also consider buying assets, but declined to specifically comment on Oilexco's portfolio.