Noreco Wins Operatorship in Two Norwegian Licenses

Noreco has been awarded seven new licenses in the 2006 Awards in Predefined Areas (APA) on the NCS. Noreco will be operator in two of these licenses. The awards include six licenses in the North Sea and one license in the Norwegian Sea. This builds on the existing portfolio of ten licenses on the NCS. Noreco will be a partner in three exploration wells in 2007 plus another three wells in 2008 and these new licenses 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."

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