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Noreco increases ownership in Maja licence

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Stavanger, 27 June 2012: Norwegian Energy Company (Noreco) has increased its interest in the Maja licence (licence 9/95) on the Danish continental shelf from 12 to 16.4 percent, and the licence period has been extended with two years. The licence contains part of the Gita discovery which was made in 2009. A new exploration well is now being planned in the licence.

-We are pleased to be able to increase our ownership in this licence. The discovery from 2009 demonstrates a significant resource potential, and we look forward to take part in the further exploration of the area, says Noreco's CEO Einar Gjelsvik.

The increase in ownership takes place at no charge, following a partner's withdrawal from the licence. Operator for the Maja licence is Maersk Oil with 42.6 percent interest. Other partners are DONG Energy with 27.3 percent interest and Danoil with 13.7 percent interest.

The licence period for the Gita licence (licence 9/06), which is located next to Maja, has also been extended by two years. Noreco has 12 percent interest in the Gita licence.

Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)

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

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