Drilling completed at Romeo

Stavanger, 9 January 2012: Drilling of exploration well 30/11c on the Romeo prospect in license P1666 in the UK North Sea is about to be completed. The well has encountered oil at three different stratigraphic levels within the Jurassic and Triassic comprising in aggregate an oil column of some 60 metres. The observed reservoir quality is poor, and further studies are required before the potential of the discovery can be evaluated.

Norwegian Energy Company ASA (Noreco) in November announced that its fully owned subsidiary Noreco UK Ltd had entered into an agreement to sell 11.9 percent of license P1666 for a consideration of GBP 2.4 million in cash plus a carry of drilling costs. After this transaction, Noreco has a 10 percent interest in the licence, which is operated by Suncor.

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