Dry well in the Norwegian Sea

Bullet

Stavanger, 30 November 2010, Norwegian Energy Company ASA (Noreco, OSE:NOR): Drilling of the exploration well 6603/5-1S on the Dalsnuten prospect in license PL392 in the Norwegian Sea has been concluded. The well did not encounter reservoir rocks and was dry.

The objective of the well was to test the hydrocarbon potential of reservoirs of presumed Jurassic age in the Dalsnuten prospect. The well was drilled to a vertical depth of 5028 metres below the sea surface (5254m MD), and was terminated in lower Cretaceous clastics.

The well was drilled by the rig Aker Barents at a water depth of 1446 metres. Operator for license PL392 is A/S Norske Shell. Noreco has a 10 % interest in the license.

For more information, please contact:
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)