Nini East in production

Stavanger, 25 February 2010, Norwegian Energy Company ASA (Noreco, OSE: NOR): The Nini East field in the Danish part of the North Sea has today produced its first oil. Noreco owns 30% of the field.

"The completion of the Nini East development is an important event for Noreco. The field will contribute significantly to production and cash flow in itself, and it will also add years to the lifespan of the other fields in the Siri area", says Noreco's CEO Scott Kerr.

Nini East is part of the Nini license situated in the Siri area, about 200 kilometres from the Danish west coast. Nini East is developed with an unmanned satellite platform, from where the oil is sent via Nini to the Siri platform for further processing and shipment. The Nini East platform is situated seven kilometres north-east of the Nini platform.

The development of Nini East was delivered more than 10% below the original cost estimate, and the owners are currently planning for the next phase of the development with two additional wells. Noreco's reserves (2P) in the Nini East field are estimated to 5.6 million barrels of oil equivalents.

Noreco owns 30% of the Nini license. DONG Energy is the operator and owns 40%, while RWE Dea owns a 30% stake.

Contacts:

Einar Gjelsvik, VP Strategy & IR (+47 99 28 38 56)

Kjetil Bakken, Investor Relations (+47 91 889 889)

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