Barchan exploration well completed

Bullet

Stavanger, 13 December 2010, Norwegian Energy Company ASA (Noreco): Drilling of the exploration well 3/8-1 on the Barchan prospect has been completed. The well did not encounter hydrocarbons. 

The exploration well 3/8-1 was targeting the Barchan prospect and reached target depth at approximately 4020 meters. The primary reservoir, of Permian age, showed poor reservoir quality. The well encountered no hydrocarbons and is being plugged and abandoned.

Barchan is located in license PL400 in the southern part of the Norwegian North Sea. Lundin Petroleum is the operator with 50 percent working interest. Noreco has 30 percent and Petoro AS has 20 percent working interest. 

Contacts:
Scott Kerr, CEO (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)

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