Noreco awarded two licenses in 26th round in UK

Stavanger, 28 October 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) has been awarded two licenses including one operatorship in the 26th Seaward Licensing Round in United Kingdom which closed on 28 April 2010.

The Department of Energy and Climate Change (DECC) has awarded Noreco two licenses, one as operator in Quadrant 14 in the Outer Moray Firth and one as partner in block 16/23 close to the UK/Norway international boundary.

The Q 14 area contains prospects and discoveries in Jurassic and Lower Cretaceous reservoirs, close to the Claymore field, while Block 16/23 is a Jurassic play.

 The work programme for the licenses are either acquisition or reprocessing of seismic data, in the first phase, prior to a drill or drop decision.

 These awards add to Noreco's existing portfolio in the UK, which includes the Huntington field under development and five exploration licenses.

For further information, please contact:

Scott Kerr, CEO (+47 992 83 890)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)

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