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Noreco: new oil discovery

Norwegian Energy Company ASA (Noreco, OSE:NOR) has discovered oil in the Knockandoo-Talisker exploration well near the producing Brage field in Norway, where it owns a 13% share. The well is now being completed and is expected to start production within 3-4 weeks.

Stavanger, 23rd October 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR) has discovered oil in the Knockandoo-Talisker exploration well near the producing Brage field in Norway, where it owns a 13% share. The well is now being completed and is expected to start production within 3-4 weeks.

"We are very exited about the as it adds near term production and reserves, without any further investments", says CEO Scott Kerr.

Knockondoo-Talisker is part of Noreco's extensive exploration and appraisal drilling programme, where nine of the first ten wells to date have been successful. Noreco expects the Knockandoo-Talisker well to produce up to 10,000 barrels of oil equivalents per day gross once it has been completed in mid November 2008, and will contribute significantly to Noreco's production in 2009.

www.noreco.com