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Siri update

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Stavanger, 15 June 2011: Norwegian Energy Company ASA (Noreco) owns 50 percent of the Siri oil field in Denmark, where technical study work is ongoing to identify and implement a repair of the platform. Noreco has over an extensive period matured a technical repair solution which can be implemented immediately, which will address the necessary aspects related to health, safety and environment, and which will be the best commercial and economic solution for the license.
 

Noreco notes that DONG Energy, the operator of Siri, today announced it will implement a solution which has not been sanctioned by the Siri license. Noreco considers DONG Energy's solution to be technically immature and not in accordance with the decision criteria which have been proposed by the operator.

The license agreement requires unanimity, consequently DONG would have to execute this project at its own cost and risk. Noreco will not participate in, nor finance, such a project. Noreco will initiate the necessary measures to protect its own position, including but not limited to risks, damages, liabilities and potential consequential losses.

Contact:
Kjetil Bakken, VP Strategy & Investor Relations (+47 91 889 889)
Einar Gjelsvik, CEO (+47 992 83 856)
Jan Petter Stiff, Media contact (+47 995 13 891)

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

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