Noreco becomes owner and operator in the Barents Sea
(Thomson Reuters ONE) -
Stavanger, 16 March 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) has
become a 50% owner and operator for the licence PL396 in the Barents Sea. The
transaction is based on an agreement with Discover Petroleum and does not
involve payment. Partners in the licence are Discover Petroleum with 30% and
Petoro with 20%.
"This is part of Noreco's continuous work of securing access to new exploration
acreage in attractive regions. We are also pleased with strenghtening our
position as an operator," said Noreco's CEO Scott Kerr.
The company sees a significant resource potential in PL396 and will in
cooperation with the partners continue the technical studies in preparation for
a drill or drop-decision. According to the licence terms, this decision must be
made in August this year. A potential drilling operation may then take place in
2011.
Effective date of the transaction is 1 February 2010. The transaction is subject
to approval from Norwegian authorities.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, VP Strategy & Investor Relations(+47 992 83 856)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1394553]
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Datum: 16.03.2010 - 09:31 Uhr
Sprache: Deutsch
News-ID 1011441
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