Drilling on Clapton has started

Stavanger, 24 May 2012: Norwegian Energy Company ASA (Noreco) is pleased to announce that drilling of exploration well 2/8 - 18 S in PL440S has started.

The well will target the Clapton prospect, which is located 5 km east of the Eldfisk East Field and 10 km north of the Valhall Field in the Norwegian North Sea. The well is being drilled using the drilling rig Maersk Guardian.

Noreco has 12 percent interest in PL440S. Faroe Petroleum is the operator with 40 percent interest. The other partners are Dana Petroleum (20 percent), Lundin Norway (18 percent) and Det Norske Oljeselskap (10 percent).

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.