Stavanger, 19 January, 2010: Norwegian Energy Company ASA (OSE:NOR), Noreco has been awarded four new licenses including two operatorships in the 2010 Awards in Predefined Areas (APA) in Norway.

 

- We are delighted with the success of our 2010 APA applications. These awards acknowledge our commitment to explore in mature areas and strengthens our position for further growth in established plays, says CEO Scott Kerr.

The awards announced today include two licenses in the North Sea, one licenses in the Norwegian Sea and, one license in the Barents Sea (see attached file for maps). This adds to Noreco`s substantial exploration portfolio. The awarded licenses are close to existing Noreco acreage:

·        PL540 in block 3/6 is geologically in the Siri Fairway with its Paleocene reservoirs, from which Noreco has significant production on the Danish side.

·        PL545 in blocks 17/2, 3, 5, 6 are adjacent to Noreco's PL411 and the main targets are in the same play, namely Middle Jurassic reservoirs, faulted structural traps, and Upper Jurassic or deeper source rocks.

·        PL562 in blocks 6609/5, 6, 8 are east of Noreco's PL526, and the main targets are in Middle to Upper Triassic reservoirs, but other plays are also being considered.

·        PL563 in blocks 7119/6 and 7120/4 is extension acreage to Noreco's PL490, where the main target is in Lower Cretaceous reservoirs.

 

 

Note to editors:

There are two systems for awarding licenses on the Norwegian continental shelf:

• The annual system of Awards in Predefined Areas (APA) in mature parts of the Norwegian continental shelf (NCS)
• A system of ordinary concession rounds held normally every second year. These rounds focus on frontier areas on the shelf where the potential for petroleum is less explored and where fewer infrastructures are built.

Noreco has participated actively in these rounds since the company started, and has had successful applications in each round: APA2005 3 licenses awarded, 19^th round 1 license awarded, APA2006 11 licenses awarded, APA2007 9 licenses awarded, 20^th round 5 licenses awarded.  Noreco has nominated blocks for the upcoming 21st concession round, expected to be announced before summer 2010.

 

For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)

 

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