Noreco pre-qualified as exploration operator in Greenland
(Thomson Reuters ONE) - Stavanger, 26 November, 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR)Noreco is pleased to announce it has pre-qualified as an explorationoperator for the Greenland 2010 Baffin Bay Licensing Round.Greenland's Baffin Bay basin is considered one of the world's largestremaining hydrocarbon provinces and the USGS has estimatedtechnically recoverable hydrocarbons to around 18 billion barrels ofoil equivalents in the region. The potential remains to be confirmedas there has not yet been any drilling activity in the area.The 2010 Baffin Bay Licensing Round covers about 151,000 km2. Thearea has been divided into 14 blocks varying in size between about8,000 km2 and 15,000 km2. The deadline for applications is 1 May2010, and only consortia which include a pre-qualified operator canapply. In total 13 oil companies have applied for pre-qualification.An important part of Noreco's strategy is to create value throughexploration. The geographical focus area is North West Europe.Greenland shares many of the same characteristics both with regardsto geology and business conditions, and is therefore considered torepresent a good strategic fit which in the longer term could givethe company access to new high-impact exploration opportunities.Contacts:Scott Kerr , CEO (+47 99 28 38 90)Einar Gjelsvik, Vice President Strategy & Investor Relations (+47 9928 38 56)This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.11.2009 - 15:09 Uhr
Sprache: Deutsch
News-ID 8896
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