NORECO (OSL:NOR) Drilling On The Gita Prospect In Denmark Has Started

NORECO (OSL:NOR) Stavanger, 10 December, 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), Exploration drilling on the significant Gita prospect in Denmark has started. Drilling of exploration well Gita-1X on the Gita prospect in Denmark has started. The well is being drilled by the rig Ensco 101, and the planned total depth for this vertical well is 5,200 meters. Noreco's resource estimate for the well is 433 million barrels of oil equivalents gross. Results from the drilling are expected in first quarter 2009. Noreco owns 12% of the license, and Maersk Oil & Gas is the operator.

For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)

www.noreco.com

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LINK: http://hugin.info/138447/R/1276628/284333.pdf

NORECO

http://www.noreco.com

ISIN: NO0010379266

Stock Identifier: XOSL.NOR