Core Energy announces first field interest acquisition

We are pleased to announce that Core Energy AS has entered into an agreement with Hess Norge AS to acquire a 4.9% interest in PL057, including a 1.04% share in the Snorre field in the North Sea. The transaction is subject to customary approval by the Norwegian authorities.

The Snorre field is, in terms of remaining reserves, currently the second largest oil field on the Norwegian Continental Shelf. The field has a gross daily production of around 100 000 barrels of oil, with remaining reserves of 415 million barrels according to the Norwegian Petroleum Directorate. Snorre commenced production in 1992 and the operator Statoil is working on plans for production until 2040.

Core Energy’s CEO Jan Harald Solstad commented: We are very pleased with being able to buy a share in a large oil field such as Snorre where we see significant potential for increasing reserves and production for many years to come. We look forward to working with the operator and the other partners to unlock the significant values in Snorre. This transaction gives Core Energy a robust platform for the further growth of the company.