Noreco makes new oil discovery

Stavanger, 23 October, 2008: Norwegian Energy Company ASA (Noreco - OSE:NOR),
Oil has been discovered in the Knockandoo-Talisker exploration well near the producing Brage field in Norway, where Noreco owns a 13% share. The well is now being completed and is expected to start production within 3-4 weeks.
-          We are very exited about the as it adds near term production and reserves, without any further investments, says CEO Scott Kerr.
Knockondoo-Talisker is part of Noreco's extensive exploration and appraisal drilling programme, where nine of the first ten wells to date have been successful. Noreco expects the Knockandoo-Talisker well to produce up to 10.000 barrels of oil equivalents per day gross once it has been completed in mid November, and will contribute significantly to Noreco's production in 2009. A map and further information is given in the attachment.
Facts about the Knockandoo-Talisker well
In addition to being a development well, the well also had two exploration targets in Middle and Lower Jurassic reservoir rocks.
Oil was proven in the upper segments of the Brent group. The size of the discovery is probably 0.3 - 1 million Sm3 of recoverable oil. The well was not formation-tested, but extensive data collection and sampling were carried out.
The production licence was awarded in the 4th licensing round in 1979. The well was drilled to a vertical depth of 2513 metres below the sea surface, and was concluded in the Statfjord group in the Lower Jurassic.
Water depth at the site is 137 metres. The well will now be completed and brought on-stream.
The well was drilled from the Brage platform
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations  (+47 992 83 856)

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