Noreco makes oil discovery in Denmark

Stavanger, 8th August 2008: Norwegian Energy CompanyASA (“Noreco”, OSE ticker NOR) announced today that oil has been discovered in the South Tor Pod exploration well in Denmark, where Noreco owns a 6.56% share.

The South Tor Pod well discovered oil bearing chalks. The discovery is located 5 km southeast of the producing South Arne field in Denmark, in license 7/89 awarded in 1989. The licensees will now evaluate the size and productivity of the discovery. Noreco’s estimate of the size of the prospect before drilling was 32 million barrels of oil equivalents gross.

“We are very pleased about the successful well at South Tor Pod. This is one of a number of exploration wells near our producing fields. Currently, we are drilling two exploration targets near the Brage field in Norway, and also plan to explore around the Siri field in Denmark. These near field exploration wells are important to Noreco as they can add near term production and reserves”, says CEO Scott Kerr.

South Tor Pod is part of Noreco’s extensive exploration and appraisal drilling programme, where eight of the first nine wells have been successful.