Production at Siri restarted

Stavanger, 24 January 2010: Norwegian Energy Company ASA (Noreco - OSE:NOR), Oil production at the Siri Field in the Danish part of the North Sea has been restarted.

The field has been shut down since 31 August 2009, after a routine inspection revealed cracks in a water buffer tank at the Siri platform. A temporary solution involving a metal frame that stabilizes the tank is now in place. With Siri back in production, the production from the satellite fields Nini and Cecilie can also be resumed. The recently completed Nini East development will also start production shortly.

A permanent repair of the damage is expected to be finalized in second half 2010.

Noreco owns 50% in Siri, 30% in Nini and 61% in Cecilie. Noreco`s share of production from these fields prior to the shutdown amounted to roughly 6,000 barrels per day. Furthermore, Nini East (30% Noreco) is expected to contribute with around 3,000 barrels per day to Noreco when the field reaches full production.

Contacts:

Scott Kerr, CEO (+47 992 83 890)

Einar Gjelsvik, Vice President Strategy & IR (+47 992 83 856)