Core Energy acquires interests in Brage and Hyme

24. May 2011

We are pleased to announce that Core Energy AS has entered into an agreement with Norwegian Energy Company ASA (Noreco) to acquire its interest in the Norwegian oil field Brage and the Hyme development project. The transaction is subject to customary approval by the Norwegian authorities.

Brage is an oil field east of Oseberg in the northern part of the North Sea. The field was discovered in 1980 and started production in 1993 from an integrated production, drilling and accommodation platform. Noreco owns 12.3 percent of the Brage field, which is operated by Statoil. Noreco’s share of production from Brage in the first quarter 2011 was 2,818 barrels oil equivalents per day.

The Hyme discovery (formerly known as Gygrid) is located in license PL348 in the Norwegian Sea between the Draugen and Njord producing fields. Noreco has an interest of 17.5 percent in the license, and Statoil is the operator. A PDO was submitted 12 May 2011 for a subsea tie-back development to the Njord field, and first oil is scheduled for the first quarter of 2013.

“This is a significant milestone for Core Energy. The Noreco transaction will be an important step in building a diversified portfolio of assets for the company. Together with the previously announced Snorre transaction it will give the company close to 4000 barrels of oil per day of production with significant growth potential”, says Jan Harald Solstad, CEO of Core Energy.

Contact details

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Rosenkrantzgate 16, N-0160

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P.O. Box 1489 Vika, N-0116 Oslo

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