Stavanger, 17 August 2011: On 29 July 2011 Norwegian Energy Company ASA (Noreco) sent out the notice for an extraordinary general meeting on 19 August 2011. The Nomination Committee's proposals for Board election were attached the notice.

The Nomination Committee has revised its proposal regarding board election so that the following board now is proposed elected 19 August 2011:

Ståle Kyllingstad (as chairman)
Hilde Drønen
Eimund Nygaard
Shona Grant
Arnstein Wigestrand
Mona Iren Kolnes

Further, the Nomination Committee propose that a new general meeting is convened as soon as possible to amend the articles of association so that a board of up to seven shareholder elected members is allowed and to supplement the board with Ole Melberg.

The revised proposal from the Nomination Committee with its reasoning is attached to this stock exchange announcement.

Those shareholders who have already sent a form of power of attorney, and who wish to change their casting of votes for item 5 on the agenda are asked to send a new form of power of attorney after the Nomination Committee's final proposal has been made public. Those shareholders who have sent the form of power of attorney and do not send a new form as mentioned will be deemed to have maintained their casting of votes for item 5.

Contact:
Tone Klepaker Skartveit, Corporate Planning Advisor +47 992 83 882

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