Noreco becomes owner and operator in the Barents Sea

Stavanger, 16 March 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) has become a 50% owner and operator for the licence PL396 in the Barents Sea. The transaction is based on an agreement with Discover Petroleum and does not involve payment. Partners in the licence are Discover Petroleum with 30% and Petoro with 20%.

"This is part of Noreco's continuous work of securing access to new exploration acreage in attractive regions. We are also pleased with strenghtening our position as an operator," said Noreco's CEO Scott Kerr.

The company sees a significant resource potential in PL396 and will in cooperation with the partners continue the technical studies in preparation for a drill or drop-decision. According to the licence terms, this decision must be made in August this year. A potential drilling operation may then take place in 2011. 

Effective date of the transaction is 1 February 2010. The transaction is subject to approval from Norwegian authorities. 

For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, VP Strategy & Investor Relations(+47 992 83 856)