Noreco's Loan Facility Underpins '09, '10 Exploration Program

Noreco has entered into a 1050 million NOK loan facility agreement with Sparebank 1 SR-Bank (lead), DnB NOR and BNP Paribas which will
finance Noreco's exploration and appraisal activities in Norway in 2009 and 2010.

"We are pleased to extend our good relationship with Sparebank 1 SR-Bank, DnB NOR and BNP Paribas through this facility, which ensures cost-efficient financing of our exploration and appraisal activities in Norway," said CEO Scott Kerr.

The loan facility will finance up to 70% of Noreco's exploration and appraisal activities in Norway for 2009 and 2010. The agreement is a NOK 1 050 million revolving loan facility entered into with Sparebank1 SR-Bank, DnB NOR and BNP Paribas as lenders and will replace the existing NOK 800 million exploration loan facility. The loan agreement will be finally completed when customary conditions have been fulfilled.

Noreco runs a selective exploration program, with focus on exploration wells that have a high value creation potential for Noreco. In 2009, Noreco will be involved in five exploration wells, of which three have been drilled already resulting in a significant gas discovery at Gita in Denmark and the third discovery (Gygrid) in license PL348 in Norway. Drilling results from the ongoing Grosbeak well in Norway are expected shortly.
 

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