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NORECO enters into co-operation agreement with Lundin Petroleum

Stavanger, 18th August 2006: Norwegian Energy Company AS (NORECO) announced today that the company has entered into a cooperation agreement with Lundin Petroleum to join forces in pursuing exploration, development and production opportunities in the Southern North Sea.

Stavanger, 18th August 2006:

Norwegian Energy Company AS (NORECO) announced today that the company has entered into a cooperation agreement with Lundin Petroleum to join forces in pursuing exploration, development and production opportunities in the Southern North Sea (Quadrant 1-3 on Norwegian Continental Shelf). NORECO will contribute people, competence and capital to the partnership. As part of the agreement, NORECO will acquire a 25 percent interest in PL006C in block 2/5 on the Norwegian Continental Shelf. The license includes the South East Tor discovery and is operated by Lundin. The acquisition of PL006C is subject to approval by Norwegian authorities.

Scott Kerr, Managing Director of NORECO commented: “The Southern North Sea is one of NORECO’s core areas, and the cooperation agreement and the acquisition of PL006C strengthens our position in this area and adds a significant opportunity to our portfolio. We believe that this agreement complements the strength of both companies, and are looking forward to work with Lundin to develop the South East Tor discovery and to pursue other opportunities in the area.”