Dry well in the Norwegian Sea - Frusalen

Bullet

Stavanger, 9 February 2010: Norwegian Energy Company ASA (Noreco - OSE:NOR), Det norske oljeselskap ASA, operator of PL 476, has completed drilling of exploration well 6507/11-10 6507/11-10 Frusalen.

The well was dry, and was located 5.5 km east of the Midgard Field. The objective was to test the hydrocarbon potential of Middle- and Lower Jurassic reservoir rocks (Fangst- and Båt Groups). The well encountered slightly thinner reservoir intervals than prognosed but without hydrocarbons. Noreco has a 30% interest in the license.

Contact:
Einar Gjelsvik VP Strategy & Investor Relations +47 992 83 856

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