Noreco farms in to exploration well at Haltenbanken

Stavanger, 1 September 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) has entered into an agreement with E.ON Ruhrgas Norge AS to acquire a 20% interest in PL434 in the Norwegian Sea through a carry of drilling cost. E.ON Ruhrgas Norge AS will retain a 10 % interest in PL 434. The license contains the Ronaldo prospect, where drilling is scheduled to start in January 2011.


- We are pleased to add another attractive near-term exploration opportunity to our drilling programme. With this transaction we expand our precense on Haltenbanken where we recently made the Zidane-1 discovery, and where we see significant potential for further commercial discoveries, comments CEO Scott Kerr.


License PL434 is located in the Norwegian Sea, north east of the Heidrun Field. The main target in the Ronaldo prospect is Middle Jurassic reservoir rocks. Operator is Wintershall and the well will be drilled with the semi-submersible drilling rig Songa Delta.


The agreement is subject to approval by Norwegian authorities and the license partnership.


Contacts:
Scott Kerr, CEO, +47 99 28 38 90
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)