Drilling on Albert has started

Stavanger, 9 May 2012: Norwegian Energy Company ASA (Noreco) is pleased to announce that drilling of exploration well 6201/11-3 in PL519 has started.

The well will target the Albert prospect, which is situated 65 kilometres northwest of the Snorre Field in the northern North Sea. The well is being drilled using the drilling rig Bredford Dolphin.

Noreco has 20 percent interest in PL519. Lundin Petroleum is the operator with 40 percent interest, while Bayerngas Norge and Spring Energy each have 20 percent interest.

Kjetil Bakken, VP Investor Relations (+47 91 889 889) 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.