Noreco awarded three licenses in APA 2010

Stavanger, 19 January 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) has been awarded three new licenses in the 2011 Awards in Predefined Areas (APA) in Norway.

- We are very pleased with these awards which allow Noreco to continue our expansion on the Norwegian Continental Shelf. The new licenses represent valuable additions to our existing near term exploration portfolio, says Noreco's CEO Scott Kerr.

The new license PL348B covers an extension of the existing license PL348, containing the Gygrid discovery, and where additional prospectivity has been identified.

License PL360B is adjacent to PL360 and contains part of the Lupin prospect where an exploration well is being planned for drilling this year.

The third license awarded was PL591, which is located in blocks 6507/8, 9 and 11. The identified prospects are in a Middle Jurassic Fangst Group play. Spring Energy is the operator with 60% and Noreco has the remaining 40%. The area comprises several mapped prospects and leads with a gross potential of more than 100 million barrels of oil equivalents.

For further information, please contact:

Scott Kerr, CEO (+47 992 83 890)

Kjetil Bakken, Investor Relations Manager (+47 918 89 889)