Noreco Acquires 2 Offshore Licenses on the Danish Continental Shelf

Norwegian Energy Company ASA (Noreco) announced today that the company has through its 100% owned affiliate Altinex Oil Denmark A/S entered into an agreement with Chevron Denmark Inc to acquire a 12% interest in License 9/06 (Gita) and License 9/95 (Maja) on the Danish Continental Shelf.

The two licenses are located west of the Amalie discovery and are both operated by Maersk (31,2%) with Shell (36,8%), DONG (20% in License 9/95) and the Danish Offshore Fund (20% in license 9/06) as the other co-venturers. The two licenses contain prospectivity in Jurassic reservoirs with good follow-up potential.

The agreement is conditional upon authority approval and on consent, including waiver of pre- emption rights, by the other co-venturers.

Scott Kerr, CEO of Noreco, commented: "This transaction underlines our growth ambitions in the North Sea and demonstrates our ability to grow inorganically in one of our core areas. The vicinity to the Amalie discovery strengthens the Noreco position in an area with significant potential to grow Noreco's production in Denmark."