E.ON Ruhrgas Norge and Noreco have entered into an agreement whereby Noreco will acquire a 20% interest in PL434 in the Norwegian Sea by carrying a share of E.ON Ruhrgas Norges' drilling cost. EON Ruhrgas Norge will retain a 10 % interest in PL 434. The license includes the Ronaldo prospect, which is scheduled to be drilled in January 2011.

"The farm-out to Noreco for a carried cost interest in the Ronaldo exploration well is a good example of how we are upgrading and optimizing our exploration opportunities," said Haakon Haaland Managing Director of E.ON Ruhrgas Norge.

License PL434 is located in the Norwegian Sea, north-east of the Heidrun Field. The main target in the Ronaldo prospect is Middle Jurassic reservoir rocks. Operator is Wintershall, and the well will be drilled by the semi-submersible drilling unit Songa Delta.

The agreement is subject to approval by Norwegian authorities and the license partnership.

Tags: E.ON Ruhrgas AG, Norwegian Energy Company ASA