Noreco acquires license in Norway
Stavanger, 23 May, 2008: Norwegian Energy Company ASA (OSE:NOR), Noreco increases its ownership in license PL453 S in Norway to 25%.
Noreco has entered into an agreement with Endeavour Energy Norge AS (Endeavour), whereby Endeavour transfers a 5% interest in license PL453S in Norway to Noreco. The transaction follows an agreement between the two parties in the awards in predefined areas in 2007, and is subject to customary approvals. Noreco's ownership in the license after the transaction will be 25%.
Noreco has entered into an agreement with Endeavour Energy Norge AS (Endeavour), whereby Endeavour transfers a 5% interest in license PL453S in Norway to Noreco. The transaction follows an agreement between the two parties in the awards in predefined areas in 2007, and is subject to customary approvals. Noreco's ownership in the license after the transaction will be 25%.
License PL453 S in the Norwegian part of the North Sea has exploration potential in Paleocene deep marine sandstones and deeper series. The geology is similar to the producing fields in the Siri area in Denmark, where Noreco has significant expertise. The operator Lundin Norway AS plans to shoot 3D seismic on the license in 2008 to map prospectivity.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)