Noreco Completes Acquisition of Danish Licenses from Chevron

Norwegian Energy Company ASA, Noreco has received all required approvals for its acquisition of two Danish licenses from Chevron Denmark Inc. An exploration well will be drilled on the Gita prospect this summer as part of Noreco's extensive exploration and appraisal programme.

Noreco has now received all required approvals for its acquisition of a 12% interest in licence 9/06 and licence 9/95 on the Danish Continental Shelf, and the agreement entered into with Chevron in October 2007 will now be formally completed. An exploration well targeting two plays with a gross estimate of 493 million barrels of oil equivalents is scheduled to be drilled with the rig Ensco 101 by the operator Maersk this summer. Further information on the upcoming well is detailed in the attachment.

Noreco's exploration and appraisal drilling program is well under way. Currently, exploration drilling is ongoing on the Galtvort prospect 20 km west of the Draugen field in Norway. The well is operated by StatoilHydro, and results are expected in May. The semisub West Alpha is drilling the well. The next well on the programme is the Ipswhich prospect, where the operator Dong is planning to start drilling in May.

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