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NORECO (OSL:NOR) Stavanger, 26 August, 2008: Norwegian Energy Company ASA (Noreco - OSE:NOR), has entered into an agreement to sell a 20% interest in exploration license PL455 in Norway to Lotos Exploration and Production Norge AS.
Noreco has today signed an agreement with Lotos Exploration and Production Norge AS to farm-out of exploration license PL455 in Norway. Lotos Exploration and Production Norge AS will earn 20% interest in the licenses against paying 60% of the gross costs related to the recently completed seismic survey over the license. Completion of the transaction is pending on customary approvals.
- We have a growing portfolio of 7 producing fields, 18 discoveries and 54 licenses, and this transaction is part of our active, ongoing portfolio management to high-grade our portfolio, says CEO Scott Kerr.
- We are pleased to do a deal with one of the new entrants to Norway, continued Kerr.
The license is located in the Egersund basin, see attached map. The licence was awarded in the APA2007 round. Noreco is the operator of the license, and will have a 50% interest after the transaction.
For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)
