Noreco contemplates bond issue

Stavanger, 30 March 2011: Norwegian Energy Company ASA (Noreco, OSE: NOR) is contemplating the issuance of a new senior secured bond with maturity date in April 2016.

The borrowing amount is minimum NOK 550 million, however not more than NOK 600 million. The net proceeds from the contemplated bond issue will be used for (i) financing of Noreco's share of the costs associated with the Oselvar development and (ii) other petroleum activities on the Norwegian continental shelf.

First Securities and Pareto Securities are acting as joint managers and SEB Merchant Banking is co-manager of the contemplated bond issue.

For further information, please contact:
Rebekka Glasser Herlofsen, CFO (+47 916 60 269)
Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)

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