Denmark Licences 02/05 and 01/11

Current Ownership / Partnership:

Norwegian Energy Company (Noreco) – Operator 47%

Elko 33%

Danish North Sea Fund (Danish Government Entity) 20%

License Summary:

Situated up-dip of mature Jurassic source rocks in the Danish Central Graben (source of major North Sea producing fields)

Licence 02/05 was awarded on 6th October 2005

Licence 01/11 was awarded on 1st February 2011

6 exploration term, 30 year exploitation term

Licence 02/05 extended to 2013

The area consists of a number of structures with exceptionally large prospective resource potential

Aims, commitments and work program:

Test the overall Rotliegendes play concept through the first well ‘Luna’ to be drilled in 2011