Noreco awarded 5 licences in APA 2013

Stavanger, 21 January 2014: Noreco has been awarded five new licences in the 2013 Awards in Predefined Areas (APA) in Norway (see attached maps). In two of these, Noreco has been offered operatorship.

“We are satisfied with this result and see this as recognition of our efforts to develop applications of high quality. We are also pleased that the Government has demonstrated its faith in our capabilities to act as operator. The awards are in line with our strategy to focus our efforts in mature areas with moderate geological risks and along producing geological trends,” says Noreco CEO Svein Arild Killingland.

The two operatorships are offshore mid-Norway. PL761 (40 % ownership) is located north-east of Noreco’s current operated license PL484, in which the Verdande exploration well will be drilled in the first quarter this year in a partly similar geologic play. PL762 (20 % ownership) is on the Nordlandsryggen ridge and the main target is a Permian carbonate structure.

The non-operated license PL755 (20 % ownership) is located just west of Noreco’s existing license PL591 Zumba in the Haltenbanken area and the targets are Upper and Middle Jurassic plays. PL748 (20 % ownership) is just west of the Knarr development, targeting Lower Jurassic plays, of which one is the same play that is being targeted in Knarr. PL744S (20 % ownership) is located north-west of the Veslefrikk field. The main target in this license is in the middle-lower Jurassic, in the same geological plays as Veslefrikk and other producing fields in the area.

The company Noreco Norway AS is the formal applicant and will be the formal owner of the licenses mentioned above. Noreco Norway AS is a wholly owned subsidiary of the listed company Norwegian Energy Company ASA.

Contact:
Ørjan Gjerde, CFO (0047 900 35 738)

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
 

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com