Noreco takes on Danish permit

Norwegian Energy Co. (Noreco) will farm into license 02/05 offshore Denmark as operator.

Offshore staff

TORONTO, Ontario -- Norwegian Energy Co. (Noreco) will farm into license 02/05 offshore Denmark as operator.

Noreco will have a 47% interest in the concession, in partnership with Elko Energy (33%) and Danish North Sea Fund (20%).

Under the farm-in terms, Noreco will pay Elko $1 million in cash for its share of past work commitment expenditure. If the first exploratory well finds hydrocarbons, Noreco will also cover Elko’s share of costs associated with any ensuing production test.

06/25/2010

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