Noreco continues active portfolio management>
Noreco continues active portfolio management
(Thomson Reuters ONE) - Stavanger, 10 July 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR), Noreco announces two transactions to strengthen itsportfolio.- We have a growing portfolio of 7 producing fields, 21 discoveriesand over 50 exploration licenses, and the transactions announcedtoday are part of our active, ongoing portfolio management tohigh-grade our portfolio, says CEO Scott Kerr.Noreco has entered into an agreement to acquire a 30% interest inlicense PL471 in Norway from Sagex Petroleum Norge AS. The license islocated just north of license PL348 where Noreco recently announcedthe Gygrid oil discovery; the third discovery on the license. Thereis significant prospectivety in Cretaceous and Middle Jurassicsandstones in license PL471, and the license has a potential of over300 million barrels of recoverable hydrocarbons. An exploration wellis planned to be drilled on the license in 2010 or 2011. A map andmore details on the license is attached.- This transaction strengthens our position in this prolific area inthe Norwegian Sea. Based on our recent discoveries in the neighboringlicense and our knowledge of the area, we are very excited about theexploration prospects in PL471, says Lars Fosvold, Vice President forExploration at NorecoNoreco has also entered into an agreement to sell a 20% interest inPL442 in Norway to Svenska Petroleum Exploration AS. Noreco will nothave an interest in the license following the transaction, and willas such not participate in the planned well in the license in 2009.The effective dates of the PL471 and PL442 transactions are 1 July2009 and 1 January 2009 respectively. The transactions are subject tocustomary approvalsFor further information, please contact:Scott Kerr, CEO (+47 992 83 890)Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)www.noreco.comhttp://hugin.info/138447/R/1328030/313009.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 10.07.2009 - 03:06 Uhr
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