Noreco awarded new license in Denmark

 Stavanger, 1 February 2011: Norwegian Energy Company ASA (Noreco) is pleased to announce that the 02/05 license group in Denmark has been awarded a new license 1/11, immediately to the west of the original 2/05 license area. Noreco is the operator and has a 47 percent interest in both licenses.

The license period is for six years and comes with a commitment to drill an exploration well within two years. The partners have already selected the specific well location and intend to drill the well in 2011. The well will be known as Luna.

The other partners in the license are Elko Energy with 33 percent and the Danish North Sea Fund with 20 percent.

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