Noreco has today finalised the relinquishment of its stake in the Huntington license to Premier Oil.
It comes nearly a year after the firm’s fully owned subsidiary Noreco Oil UK was served a final notice.
The Norwegian firm failed to find a attract a buyer for its 20% interest in the field.
A Noreco spokesperson today said: “Noreco announces that its fully owned subsidiary Noreco Oil UK Limited has entered into an agreement to transfer its 20% participating interest in the Huntington license with all rights and obligations to Premier Oil E&P UK Limited.
“The transaction will have an accounting effect of a net gain of NOK 225 million to be reflected in the full year accounts.”
E.On was a former partner on the development; however, Premier Oil acquired all of E.On’s UK North Sea assets in $120millon deal earlier this year. The move made Premier 100% owner and operator of the Huntington development.
Huntington currently produces c.15kboepd with remaining reserves of 10mmboe.