Sagex has signed an agreement with Noreco regarding a sale of 30% of its 50% stake in License 471.
The license is located in the Norwegian Sea due north of Noreco’s License 348 where the oil discovery Gygrid was made recently.
License 471 contains a significant hydrocarbon resource potential exceeding 300 million barrels oil equivalents in reservoirs of Cretaceous and Middle Jurassic age.
A well is planned for 2010 or 2011 to test this potential.

- The prospects were worked up by Sagex in the APA 2007 licensing round. We are pleased to be able to realise value from our exploration assets by others seeing the same potential, says CEO Terje Hagevang, welcoming Noreco as a partner in the licence.

Effective date for the transaction is 1 July 2009 subject to approval by the Norwegian Authorities.