Noreco Takes Stake in Dalsnuten Prospect

Norwegian Energy Company (Noreco) has entered into an agreement with BG Norge to acquire a 10% interest in PL392 in the Norwegian Sea through a carry of drilling cost. The license contains the Dalsnuten prospect, which is scheduled to be drilled in September 2010.

"The transaction provides Noreco with a high impact near term drilling opportunity and is in line with our strategy to build an attractive exploration portfolio. This license builds on our existing acreage position in the area," commented CEO Scott Kerr.

License PL392 is located in the western part of the Norwegian Sea, West of the Gro gas discovery, and with this transaction Noreco strengthens its position further in this region. Noreco has already ownership in three licenses in the area, including the 50% equity in the PL520 south of the Dalsnuten prospect.

The Dalsnuten prospect is the target for the first exploration well in license PL392, and is scheduled to start this autumn. The main targets in the Dalsnuten well are Jurassic and Cretaceous reservoir rocks. Operator is A/S Norske Shell, and the well will be drilled with the semisubmersible rig Aker Barents. There are a number of other prospects on the license.

The agreement is subject to approval by Norwegian authorities and the license partnership.

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