Noreco farms out Norway license

Noreco has signed an agreement with Lotos Exploration and Production Norge to farm-out exploration license PL455 in Norway.

Offshore staff

STAVANGER, Norway -- Noreco has signed an agreement with Lotos Exploration and Production Norge to farm-out exploration license PL455 in Norway.

Lotos Exploration and Production Norge AS will earn 20% interest in the licenses against paying 60% of the gross costs related to the recently completed seismic survey over the license.

The license is located in the Egersund basin and was awarded in the APA2007 round. Noreco is the operator of the license, and will have a 50% interest after the transaction.

08/26/2008

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