Noreco Granted Drilling Permit in North Sea

Noreco received approval from the Norwegian Petroleum Directorate to commence drilling on well 17/6-1 using the West Alpha semisub. The 17/6-1 well is located in Production License 545, consisting of Blocks 17/3, 17/2, 17/5 and 17/6 in the Norwegian sector of the North Sea. The well, located in waters measuring 892 feet (272 meters), is situated about 68 miles (110 kilometers) southwest of Haugesund. Noreco operates the license, holding a 50% interest; Spring Energy holds 30%; Petoro AS holds 20%.