Stavanger 12 May 2009: Norwegian Energy Company ASA (Noreco, OSE:NOR) Reference is made to release by Det norske oljeselskap ASA 11 May 2009.

 

-         We still believe a merger would be a good industrial solution, but note Det norske's decision, says CEO Scott Kerr.

 

Noreco has over the last months significantly improved its strategic and financial position through successfully executing its strategy, inter alia through gas discovery at Gita, significant acreage award in the 20th licensing round in Norway and continued restructuring of the company's capital structure. Noreco is participating in a number of exploration wells in 2009, where the next well results are expected shortly. 

Noreco's number one priority is to maximize shareholder value and this entails being active in the M&A market to create shareholder value, which has been demonstrated by the company through a number of transactions in the past.

-          Noreco is always considering new strategic opportunities, and opportunies will be pursued provided they are value accretive to our shareholders, says CEO Scott Kerr.

 

For further information please contact

Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik VP Investor Relations (+447 992 83 856)