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Disclosure of shareholdings

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On behalf of funds managed by QVT Financial LP, QVT
Financial LP sold 1,308,000 shares
in Norse Energy Corp. ASA on 9 May 2008.
The funds managed by QVT Financial LP hereafter own
a total of 35,084,200 shares in Norse
Energy Corp. or 9.95% of the outstanding shares.
For further information, please contact Meg Nowicki
at QVT Financial LP at
+1 (212) 705-6229.