Drilling on the PL435 Zidane-1 prospect in Norway has started

Stavanger, 16 June 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR): Drilling of the exploration well 6507/7-14S (Zidane prospect) in PL435 has started. The well is being drilled with the rig Bredford Dolphin, and the operator is RWE Dea. Results are expected during September. PL435 is situated in the Norwegian Sea, 10 km northwest of the Heidrun field, and several significant hydrocarbon discoveries have previously been made in the area. Noreco's resource estimate for the Zidane prospect is 100-155 million barrels of oil equivalents gross, with gas/condensate as the most likely phase. Noreco has a 20% working interest in the license. For further information, please contact: Scott Kerr, CEO (+47 992 83 890 ) Kjetil Bakken, IR Manager (+47 91 889 889 ) This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) [HUG#1424430]