Drilling on Chamonix has started

Stavanger, 29 July 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) is pleased to announce that drilling of exploration well 6407/5-2 S has started. Target for the well is the Chamonix prospect. Chamonix is located in production license PL471 in the Norwegian Sea, west of the Mikkel field. The well is drilled with the semi-submersible drilling rig Borgland Dolphin. The partners in license PL471 are OMV (operator, 50 per cent), Noreco (30 per cent) and Valiant (20 per cent). Contact: Kjetil Bakken, VP Strategy & Investor Relations, +47 91 889 889 This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: NORECO via Thomson Reuters ONE [HUG#1534694]