Noreco successful in the 2006 Awards in Predfined Areas on the Norwegian Continental Shelf

Norwegian Energy Company AS (Noreco) welcomes the announcement that it has been awarded 7 new licenses in the 2006 Awards in Predefined Areas (APA) on the NCS. Noreco will be operator in 2 of these licenses. The awards include 6 licenses in the North Sea and one license in the Norwegian Sea.This builds on the existing portfolio of 10 licenses on the NCS. Noreco will be a partner in 3 exploration wells in 2007 plus another 3 wells in 2008 and these new licences will be evaluated for drilling in 2009 and onward.

Scott Kerr, Managing Director in Noreco commented: “We are delighted with the success of our 2006 APA applications. This marks an important milestone towards our ambition of becoming a leading independent oil and gas company on the NCS. The success is an acknowledgement of the skills and determination of our team of professionals, which has built a substantial exploration portfolio in just over 12 months. We are particularly looking forward to take on our first operatorships, as we believe we can do even more to add activity and create opportunity on the NCS as an operator.”