Dry well on Ronaldo

Stavanger, 13 April 2011: Drilling of the exploration well 6507/8-8 on the Ronaldo prospect in license PL434 in the Norwegian Sea has been completed.

The well was drilled about seven kilometres southeast of the Heidrun field. The purpose of the well was to prove petroleum in Lower Jurassic reservoir rocks (the Tilje and Åre formations). Reservoir rocks of expected thickness and of good quality were encountered in the Tilje and Åre formations. Data acquisition and sampling were carried out. The well is dry.

The well was drilled by the drilling facility Songa Delta to a vertical depth of 2,525 metres below sea level, and was terminated in the Åre formation in Lower Jurassic. The water depth is 329 metres. The well has now been permanently plugged and abandoned.

The partners in license PL434 are Nexen Exploration (operator, 49 percent), Concedo (21 percent), Noreco (20 percent) and E.ON Ruhrgas (10 percent).

Contact in Noreco:
Kjetil Bakken, VP Strategy & 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.