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Noreco buys 40% of PL271 and PL302

Stavanger, 15th March 2006: Norwegian Energy Company AS (NORECO) announced today that the company has entered into an agreement for the purchase of 40% in PL271 and PL302 from DONG Norge AS. PL271 and PL302 are operated by Norsk Hydro AS (40% share). In addition Talisman Norge AS (20% share) participates in the license. The agreement is subject to approval by Norwegian authorities.

Stavanger, 15. March 2006:

Norwegian Energy Company AS (NORECO) announced today that the company has entered into an agreement for the purchase of 40% in PL271 and PL302 from DONG Norge AS. PL271 and PL302 are operated by Norsk Hydro AS (40% share). In addition Talisman Norge AS (20% share) participates in the license. The agreement is subject to approval by Norwegian authorities.

“The southern North Sea is one of Noreco’s core areas, and PL271 and PL302 have several interesting exploration prospects. Noreco has strong ambitions for growth on the Norwegian continental shelf, and we will continue to build up the company with the necessary competence to be able to increase our license portfolio through exploration license rounds as well as business development activity. The acquisition of PL271 and PL302 is an important step towards our ambitions”, says Scott Kerr.