This is a correction of the announcement from 08:32 30.03.2012 CEST. Reason for the correction: Front Exploration interest is 30%, not 33%.

Stavanger, 30 March 2012: Norwegian Energy Company ASA (Noreco) has started the drilling of exploration well 7228/1-1 on the Eik prospect in the Barents Sea.

The well is located in licence PL396, about 200 kilometres north east of North Cape, and is being drilled with the drilling rig Transocean Barents.

The partners in licence PL396 are Noreco (operator, 50 percent), Front Exploration (30 percent) and Petoro (20 percent).

Contact:
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)