NORECO (OSL:NOR) Drilling On The Hyme Prospect Has Started

NORECO (OSL:NOR) Stavanger, 2 January, 2009: Norwegian Energy Company ASA (Noreco, OSE:NOR), Exploration drilling on the Hyme prospect in Norway has started.

Drilling of the exploration well Hyme 2/5-14S in license PL006C in the North Sea sector of the Norwegian Continental Shelf (NCS) has commenced (see attached map). The well is being drilled by the jack-up rig Mærsk Gallant. After the Hyme well has been completed, a side track 2/5-14A will be drilled to appraise the oil discovery South East Tor. Drilling results from Hyme and South East Tor are expected in first quarter 2009. Noreco owns 15% of the license, and Lundin Petroleum is the operator.

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

www.noreco.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



LINK: http://hugin.info/138447/R/1280211/285979.pdf

NORECO

http://www.noreco.com

ISIN: NO0010379266

Stock Identifier: XOSL.NOR