Drilling completed at Jette

Stavanger, 14 December 2012: Drilling of exploration well 6607/12-3 on the Jette prospect in licence PL385 in the Norwegian Sea is about to be completed. The well has encountered gas. Preliminary calculations indicate that the discovery is not commercial. More evaluation and analysis will however be performed to further clarify the resource potential in the discovery.

Norwegian Energy Company ASA (Noreco) has 20 percent interest in the licence, which is operated by Statoil.

Contact:
Kjetil Bakken, VP Investor Relations ( +47 91 889 889) 

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com