Noreco Secures Financing for Exploration Program

Noreco (Norwegian Energy Company ASA) has entered into a term sheet with Sparebanken 1 SR-Bank and DnB NOR Bank ASA with the purpose of financing the company's exploration activity on the Norwegian Continental Shelf. The loan amount is NOK 800 million and is replacing the existing exploration financing facility of NOK 260 million The facility is subject to a loan agreement between the parties.

"Noreco has commenced an extensive exploration and appraisal program in the North Sea, with approximately 30 wells planned over the next three years. We are pleased with the new facility which will be important in cost-efficient funding of Noreco's further growth", says CEO Scott Kerr.