Siri West exploration well completed

Bullet

Stavanger, 27 Jan 2009: Norwegian Energy Company ASA (Noreco, OSE:NOR), Dong E&P A/S has concluded the drilling of the Siri West well in Denmark. The well did not encounter hydrocarbons. Noreco has a 50% interest in the Siri license, but had a reduced interest of 28.6% in this well.

Noreco's pre-drill estimate for the well was 4 million barrels oil gross. The well tested a risked volume of less than one million barrels oil equivalents of Noreco's over 450 million barrels of risked exploration resources.
 
Facts about Siri West (Siri-6) Well
As operator for the companies in license 6/95, DONG E&P A/S has drilled the Siri-6 (5604/20-10) exploration well 4 kilometers west of the Siri field in the Danish part of the North Sea. Siri-6 was drilled as a vertical well and reached its total depth at 2225 meters below mean sea level in chalk of Danian age. The well encountered reservoir sandstone in the Paleocene, but no hydrocarbon discovery was made. Coring and logging was carried out for further evaluation of the well results. The well was spudded 21 December 2008 with the jack-up rig Mærsk Resolute. The well is now being plugged and abandoned, and the rig will move to the Nini field.
 
As not all the companies in license 6/95 wanted to participate in the well, Siri-6 was drilled as a sole risk operation.
  
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)