Stavanger, 31 August 2011: Norwegian Energy Company ASA (Noreco) is pleased to announce that the drilling of exploration well 6407/5-2S in license PL471 in the Norwegian Sea is about to be completed, and has resulted in a small gas discovery.

The well objectives were to prove hydrocarbons in the Chamonix prospect, a stratigraphic trap in the Upper Cretaceous Lysing Formation and in Cortina, a target in the Jurassic. The Lysing sands were found to be tight but in the Jurassic Rogn & Garn Formations the well proved gas with a gross column of around 40 metres. The well has not been formation tested, but extensive data acquisition including coring and sampling has been carried out, giving important information to de-risk similar nearby prospects. The partners will now evaluate the possibilities for a tie-back of the discovery to existing infrastructure in the area.

The partners in license PL471 are OMV (operator, 50 percent), Noreco (30 percent) and Valiant (20 percent).

Contact:
Kjetil Bakken, VP Strategy & Investor Relations, +47 91 889 889

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