Stavanger, 14 July 2009: Norwegian Energy Company ASA (Noreco -  OSE:NOR), The Norwegian Petroleum Directorate (NPD) has granted Noreco a drilling permit for the Tasta exploration well in Norway.  Drilling will commence in Q3 2009. The well is targeting a stratigraphic trap with resources estimated in the range of 34-77 million recoverable barrels oil equivalents. Tasta is Noreco's first operated well in Norway, and Noreco has a 40% ownership share. 

 

The Tasta well (25/9-3) will be drilled from the West Alpha drilling facility at position 59° 26' 05.03"  North and 02° 40' 42.88" East.

 

The drilling program for wellbore 25/9-3 relates to the drilling of wildcat wells in production licence 412. Noreco is the operator with a 40 per cent ownership interest, while the other licensees are Lundin and VNG, each with a 30 per cent stake. The area in this production licence consists of parts of blocks 25/5, 25/6, 25/8 and 25/9. Well 25/9-3 will be drilled about 15 km east of the Jotun field in the central part of the North Sea.

 

Production licence 412 was awarded on 16 February 2007 (APA2006). This is the first well to be drilled in the production licence.

 

Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, VP IR (+47 992 83 856)