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Noreco seeks merger with Altinex

Stavanger, 25th May 2007: Norwegian Energy Company AS (Noreco) has acquired 35.9% of the shares in Altinex ASA (Altinex), and intends to approach the board of Altinex in order to discuss the potential for a merger.

Stavanger, 25th May 2007: Norwegian Energy Company AS (Noreco) has acquired 35.9% of the shares in Altinex ASA (Altinex), and intends to approach the board of Altinex in order to discuss the potential for a merger.

Noreco strongly believes in the industrial logic of combining Altinex and Noreco. To further demonstrate Noreco`s commitment, Noreco will in the meantime put forward an offer to all shareholders to acquire shares in Altinex representing up to 39.9% or more than 50% of the shares in Altinex. The offer price will be NOK 1.575 per Altinex share, payable in cash.

If the offer receives more than 50% acceptance, Noreco intends to proceed with a mandatory offer within 4 weeks in accordance with the Norwegian Securities Trading Act and seek to provide all shareholders with an offer at an equal price.

The offer is financed through available cash, however financing is subject to Noreco paying a maximum price of NOK 1.5750 per share for Altinex.

The offer will be put forward as soon as the formal offer documentation, which will include the further terms and conditions for the offer, has been approved by Oslo Børs (the Oslo Stock Exchange).

www.noreco.no