Noreco Sells South East Tor Share

Norwegian Energy Company ASA, Noreco has entered into an agreement to farm-down in the South East Tor discovery in Norway. Faroe Petroleum will earn a 10% interest in the discovery by carrying 140 mill NOK of Noreco's costs. Noreco's interest in the licenses after the transaction will be 15%.

"We have a growing portfolio of 7 producing fields, 15 discoveries and 54 licenses, and this transaction is part of our active, ongoing portfolio management process," said CEO Scott Kerr.

Noreco has signed an agreement with Faroe Petroleum sell a 10% interest in licenses PL006C and PL006D on the Norwegian Continental Shelf, including the South East Tor discovery. Faroe Petroleum will earn a 10% interest in the licenses by carrying 140 mill NOK of all of Noreco's costs associated with the licenses. Two wells will be drilled on the licenses by the operator Lundin with the rig Maersk Gallant in 4Q 2008 / 1Q 2009.

Noreco acquired a 25% interest in South East Tor from Lundin in 2006. The net contingent resources sold are 2.4 million barrels of oil equivalents, of Noreco's 102.1 million barrels of oil equivalents of total contingent resources. Completion of the transaction is pending customary approvals.


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