Noreco: Largest North Sea Discovery in six years

Stavanger, 12th February 2008:
Norwegian Oil Company ASA (Noreco) announced today that the first phase of the appraisal of the Huntingon discovery is completed. The oil cumulations in Huntington Forties are larger than previously anticipated, thus enlaring the mapped area of the oil accumulation. Drilling logs indicate that the oil column in Huntington Fulmar, originally estimated at 40 meters, is over 130 meters.

Further appraisal activity will be required to conclude on the full potential of the lower zones of the field. Fast track development options for the field are now being studied and tender for long lead items are being issued. Noreco owns 20% of the Huntington discovery.

“We are pleased with the progress of the appraisal program at Huntington. The two first wells in the program has moved the field closer to development, and we are now looking forward to work with our partners on a rapid development of the field”, says CEO Scott Kerr.