Change of CFO in Noreco

Stavanger, 23 December 2010, Norwegian Energy Compan ASA (Noreco, OSE:NOR): Chief Financial Officer (CFO) Jan Nagell has resigned his position in Noreco, and will step down by 1 February 2011. The company has appointed Erik Borg as acting CFO from the same date.

Erik Borg (52) has been Finance Manager for Noreco's operations in Denmark since 2002. He holds a Bachelor in Accounting & Financial Management from Copenhagen Business School and has broad experience from financial management, including CFO positions in several industries.

Jan Nagell joined Altinex in 2004, and continued as CFO in Noreco following the Altinex acquisition in 2007. He leaves Noreco for a position as CFO in Lundin Norway.

Contact:
Scott Kerr, CEO (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)

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