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CapeOmega acquires Oselvar stake from Noreco

CapeOmega has entered into an agreement with Noreco Norway AS to acquire a 15 per cent participating interest in the Norwegian shelf licenses PL274 and PL 274 CS, which includes the Oselvar field. The transaction is effective as of 1st January 2015, and is subject to customary authority approvals.

CapeOmega is a late-life E&P company, established in 2014 to create value in mature fields on the NCS. Oselvar is the first transaction for CapeOmega, and an excellent fit for the company’s strategy.

Oselvar is a producing field in the Southern North Sea. The field started production in 2012, and is developed with a subsea template which is tied back to the BP operated Ula field.