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Noreco prequalified as operator on the NCS

Stavanger, 12 December 2006: Norwegian Energy Company AS (Noreco) announced today that the company has been prequalified as an operator on the Norwegian Continental Shelf (NCS).

Noreco filed an application with the Ministry of Oil and Energy (MOE) in June 2006 for prequalification as operator on the NCS. Noreco's ambition is to become a leading independent oil and gas company in the North Sea with its main operations on the NCS.

Noreco has over the last 12 month established the company with very high quality staff covering all major disciplines and the necessary management systems to operate competently and safely on the NCS. Noreco employs 20 experienced oil and gas professionals and is participating in 10 production licenses on the NCS. The company has applied for additional exploration licences through the 2006 APA.

“Prequalification as an operator on the NCS is an acknowledgement of the organization we have been building over the last 12 months, and we are very proud and pleased that we have already achieved this milestone for the company” says Scott Kerr, CEO in Noreco.

“Being prequalified as an operator on the NCS is an important step towards our ambition of becoming a leading independent oil and gas company on the NCS”, Kerr continues, “and as an operator we can do even more to add activity and create opportunities on the NCS.”