Two awards to Noreco in the 21st licensing round

Stavanger, 15 April 2011: Norwegian Energy Company (Noreco) has been offered two licenses in the 21st licensing round on the Norwegian continental shelf. 

"This license round has opened up for very interesting new opportunities in the Barents Sea and the Norwegian Sea, and has attracted a lot of interest from the industry. We are very pleased to see that Noreco was awarded two of its prioritized targets," says Einar Gjelsvik, CEO in Noreco.

Noreco has been offered a 40 percent interest in license PL606 which is located in the Barents Sea. OMV will be operator for the license.

The company has also been offered a 20 percent interest in license PL599, which is located in a part of the Norwegian Sea where Noreco already has a strong acreage position. This license will be operated by BG Norge.

Contact:
Einar Gjelsvik, CEO, +47 992 83 856
Kjetil Bakken, Vice President Strategy & Investor Relations, +47 91 889 889

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