Noreco (Norwegian Energy Company ASA)has entered into a term sheet with Sparebanken 1 SR-Bank and DnB NOR Bank ASA with the purpose of financing the company`s exploration activity on the Norwegian Continental Shelf. The loan amount is NOK 800 mill and is replacing the existing exploration financing facility of NOK 260 mill. The facility is subject to a loan agreement between the parties.

 

`Noreco has commenced an extensive exploration and appraisal programme in the North Sea, with approximately 30 wells planned over the next 3 years. We are pleased with the new facility which will be important in cost-efficient funding of Noreco`s further growth`, says CEO Scott Kerr.

 

For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations
(+47 992 83 856)