E.ON Ruhrgas Assumes Operatorship of UK Huntington License

The non-operating partners of the Huntington field in the UK have unanimously decided to remove Oilexco as operator of the license and accepted E.ON Ruhrgas as the new operator of the license.

"We have been appreciative of the work and efforts undertaken by Oilexco as operator and regret the events that have led to this unfortunate situation. With Oilexco now in administration, we see the change in operatorship as in the best interest of the joint venture and it is important to swiftly remove any uncertainty on the Huntington development and preserve the value of this important asset. The operatorship change will ensure progression on the development in line with the partnership's plans. We fully support E.ON Ruhrgas as operator and we look forward to working with Oilexco in their new role as a non-operating partner in the license," said Noreco's CEO Scott Kerr.

Following the High Court's appointment of administrators for Oilexco North Sea Limited ("Oilexco") on January 7, 2009, the non-operators of license No. P.1114 have unanimously decided to invoke their right to remove Oilexco as operator of the license and accepted E.ON Ruhrgas UK Exploration and Production Limited ("E.ON Ruhrgas UK Exploration and Production Limited") as the new operator. The operatorship change is effective today, and has been effected in accordance with the joint operating agreement governing the license.