Exploration drilling status

Stavanger, 19 November 2012: Norwegian Energy Company ASA (Noreco) is currently participating in three exploration wells, Snurrevad in the Barents Sea, Jette in the Norwegian Sea and Romeo in the UK North Sea.

Drilling of the Juksa/Snurrevad well, which is located in licence PL490 and is operated by Lundin Norway, is about to be completed. Oil has been proven in thin sandstone layers in an 8-9 meter thick zone in the prospective level called Juksa. Further analysis and interpretations are needed to evaluate possible reservoir volumes. In the prospective level called Snurrevad, the targeted sandstones were not encountered.

The Jette well is located in licence PL385 and is operated by Statoil. The drilling started late October, and results are expected in December this year.

The Romeo well is located in licence P1666 and is operated by Suncor. Drilling operations started late September, and results are expected in December this year.

Drilling of the Lupin well in licence PL360 operated by Statoil is expected to start in December. Drilling of the Scotney well in licence P1658 operated by Suncor will be performed with the same rig as Romeo, and will commence after completion of the Romeo well.

Contacts:
Einar Gjelsvik, CEO (+47 992 83 856)
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