Noreco Increases Ownership in Maja License

Norwegian Energy Company (Noreco) has increased its interest in the Maja licence (licence 9/95) on the Danish continental shelf from 12 to 16.4 percent, and the license period has been extended with two years. The license contains part of the Gita discovery which was made in 2009. A new exploration well is now being planned in the license.

"We are pleased to be able to increase our ownership in this license. The discovery from 2009 demonstrates a significant resource potential, and we look forward to take part in the further exploration of the area," said Noreco's CEO Einar Gjelsvik.

The increase in ownership takes place at no charge, following a partner's withdrawal from the license. Operator for the Maja license is Maersk Oil with 42.6 percent interest. Other partners are DONG Energy with 27.3 percent interest and Danoil with 13.7 percent interest.

The license period for the Gita license (license 9/06), which is located next to Maja, has also been extended by two years. Noreco has 12 percent interest in the Gita license.