Stavanger, June 19th 2007:
Norwegian Energy Company AS (Noreco) has entered into an agreement with Revus Energy ASA (Revus) to acquire a 15% interest in the PL 274 license, which includes the Oselvar discovery. An appaisal well on the Oselvar discovery is scheduled for third quarter 2007.
A 30% share of the license was acquired by Revus in 2005, and Revus retains the remaining 15% share. The transaction is conditional upon approval from the Norwegian authorities, and will be effective from 1st January 2007.