Drilling update

Bullet

Stavanger, 2 April 2009: Norwegian Energy Company ASA (Noreco - OSE:NOR), Noreco provides an update of its ongoing drilling program, where four wells are ongoing.

SE Tor well 2/5-14S & A, Hyme/South East Tor
The first objective of the well has reached target depth and plug and abandon procedures have started. The objective of the well was twofold i.e. to test the Chalk reservoir within the Hyme Prospect located to the west of the South East Tor discovery and to test the north central South East Tor accumulation. There were indications of hydrocarbons in the Chalk reservoir in the first target, but this is expected to be un-commercial at this time. Paleocene sands came in with some shows; however, this has to be further explored. The operator concluded not to drill the planned second target, north central South East Tor 2/5-14A sidetrack at this time. The operator will, following further technical and economic analysis, present a proposal to the Management Committee on when to drill the South East Tor 2/5-14A well in the future.
 
Gita
Drilling of the Gita exploration well in Denmark is well underway. The well is drilled with the Ensco 101 rig, and results are expected in the near future. Noreco holds a 12% interest in the license.
 
Brage
On the Brage field in Norway, drilling of a water injector well (A-22 A) designed to increase the oil recovery from the field by injecting water in the Bowmore segment is ongoing. Drilling is expected to continue through Q2. Noreco holds a 12.6 % interest in the Brage field.
 
Nini
On the Nini field in Denmark, drilling of a water injector well (NA-9) designed to increase the oil recovery from the Nini field is underway and expected to be completed in May.  Noreco holds a 30% interest in the Nini field.
 
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)