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Exploration financing for Noreco

Stavanger, November 28th 2007: Norwegian Energy Company ASA (Noreco) is seeking a loan agreement for NOK 800 million to finance the company's exploration activity on the Norwegian Shelf.

Stavanger, November 28th 2007: Norwegian Energy Company ASA (Noreco) is seeking a loan agreement for NOK 800 million to finance the company's exploration and appraisal program on the Norwegian Shelf, which includes approximately 30 wells over the next 3 years. Noreco has entered into a term sheet with Sparebanken 1 SR-Bank and DnB NOR. The facility is subject to a loan agreement between the parties, and will replace the existing exploration financing facility of NOK 260 million.

www.noreco.no