Noreco Acquires Three Norwegian Licenses from Talisman

Norwegian Energy Company AS (Noreco) has entered into an agreement with Talisman to acquire a 20% interest in PL 148 and a 17.5% interest in both of PL 347 and PL 348 on the Norwegian Continental Shelf (NCS).

Located in the Southern North Sea, PL 148 contains the 7/7-2 oil discovery and is operated by Lundin Petroleum. PL 347 and PL 348 are located in Haltenbanken, and are operated by Norsk Hydro. PL 348 contains the Tau discovery. As part of the agreement, Noreco will transfer to Talisman a 10% interest in both PL271 and PL302 on the NCS. The agreement is subject to approval by Norwegian authorities.

Scott Kerr, Managing Director of Noreco commented: "This transaction marks a key milestone for Noreco. The agreement with Talisman adds another two discoveries and a number of exploration prospects and leads to our portfolio, which now counts a total of 10 licenses. We are excited to be part of four wells over the next two years, and are well positioned to increase the activity level further."

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