Drilling on the PL476 Frusalen prospect in Norway has started

Stavanger, January 18(th), 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR), Exploration drilling on the Frusalen prospect in Norway has started. Drilling of the exploration well Frusalen in PL476, 5-10 km west of the Midgard Field on Halten Terrace has started. The well is being drilled by the rig Songa Delta, and the operator is Det norske. Results are expected in February. The Frusalen prospect is situated in a prolific hydrocarbon province with several tieback possibilities to existing infrastructure. Noreco's updated resource estimate for Frusalen is 14-96 million barrels of oil equivalents gross, with gas/condensate as the most likely phase. Noreco has a 30% working interest in the license. For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, VP Strategy and Investor Relations  (+47 992 83 856) This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) [HUG#1374156] Frusalen: http://hugin.info/138447/R/1374156/336825.pdf