Marubeni entry to NCS blocked

Offshore staff

STAVANGER, Norway -- Norwegian Energy Co, (Noreco) may be thwarted in its attempts to sell its stakes in two Norwegian fields to Japanese company Marubeni.

Approval by relevant Norwegian authorities is a condition for sale and purchase agreements on the Norwegian continental shelf. As Marubeni does not yet fulfill the requirements for a licensee in the sector, the transaction for the Enoch and Oselvar fields is not complete.

The parties are now negotiating alternative solutions.

Oselvar is an oil and gas field development, operated by DONG, in licenses PL274 and PL274CS in the southern Norwegian Sea. Noreco has a 15% interest in the field, representing reserves of 8.1 MMboe. Production due to start this fall. PL274 also contains the Ipswich discovery.

Enoch is an oil field in the central North Sea, on the median line between Norway and UK. Noreco has a 4.36% interest via its share of license PL048D, with associated reserves of 0.3 MMboe at end-2010.

03/03/2011

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