Noreco will take over a 47% stake and the operatorship of licence 02/05, which is so far unexplored. Elko will keep 33%, while the Danish North Sea Fund holds the remaining 20%.
The licence contains several Chalk and Rotliegendes prospects, the first of which is likely to be drilled next year.
Both the water depths and the target reservoirs are relatively shallow, which will help keep drilling costs down, Noreco said.
Noreco
