Stavanger, 4 July 2012: Norwegian Energy Company (Noreco) has entered into an agreement with Lundin Petroleum (operator) and Det Norske to acquire a 20 percent interest in licence PL492 in the Barents Sea.

Licence PL492 is located in the western Barents Sea, on the southwestern corner of the Loppa High. The license is on trend with several proven discoveries, including Skrugard 65 kilometres to the north and the smaller Skalle discovery in the neighboring block directly to the south. The primary target in the license is sandstone reservoirs in the Triassic interval. Additional potential has also been identified in the deeper Permian sequences. An exploration well is being planned for 2013/14.

The agreement is subject to approval by Norwegian authorities.

Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)