Noreco Signs Farm-down Agreement on Norwegian Sea Properties

Norwegian Energy Company ASA (Noreco) signed an agreement with Faroe Petroleum to farm-out of exploration licenses PL271 and PL302 on the Norwegian Continental Shelf. Faroe Petroleum will earn a 15% interest in the licenses by carrying Noreco's part of the costs up to the drilling budget level associated with the Yoda well shortly to be drilled by the operator StatoilHydro with the rig Maersk Giant. Completion of the transaction is pending customary approvals.

Noreco acquired a 40% interest in licenses PL271 and PL302 from Dong in 2006. Noreco subsequently sold 10% of the licenses to Talisman against a 17.5% interest in PL347 and PL348 in the Norwegian Sea. On PL348, the Galtvort exploration well will be spudded within a few weeks.

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