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Share issue in Noreco

The Board has resolved to utilise its authorisation to issue new shares. 94,338 new shares were resolved issued pursuant to the Company's established bonus program for certain employees. The subscription price for each share is NOK 30.

Stavanger, 16 January 2008: Norwegian Energy Company ASA (OSE:NOR), in a Board of Directors meeting held 16 January 2008, the Board resolved to utilise its authorisation to issue new shares. 94,338 new shares were resolved issued pursuant to the Company's established bonus program for certain employees. The subscription price for each share is NOK 30.