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NORECO (OSL:NOR) Brage Well Tested More Than 15 000 Barrels Per Day

NORECO (OSL:NOR) Stavanger, 8 December, 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), The operator StatoilHydro has successfully completed a well on the North flank of the Brage field in Norway. The well has been tested at stable oil rates of more than 15 000 barrels per day gross, which represents more than 1 800 barrels per day net to Noreco.

- We are delighted with the excellent production results from the well, which will add significant production and reserves to the Brage field. We are looking forward to the forward drilling program on Brage, says CEO Scott Kerr in a comment.

StatoilHydro has successfully completed the A-01 AT2 (Knockando Brent) well on the North flank of the Brage field. The well was put on production 3 December 2008, and has been tested at stable oil rates of more than 15 000 barrels of oil per day. The well will likely be choked back to a rate of approximately 11 000 barrels per day during normal production.

Noreco holds a 12.6% share in the Brage field.

For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

NORECO

http://www.noreco.com

ISIN: NO0010379266

Stock Identifier: XOSL.NOR

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