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Siri update

June 24, 2011 - London

Stavanger, 24 June 2011: Norwegian Energy Company ASA (Noreco) today received a letter from the Danish Energy Agency (DEA), requesting the partnership at the Siri field to agree on a repair solution for the Siri platform as soon as possible. Until such agreement is reached the DEA will not process the operator's application regarding its proposed permanent repair solution.

Further, the DEA confirms it will not intervene in the internal decision process in the partnership, but at the same time the DEA reserves its right to use coercive means if the necessary steps are not taken by the partnership.

The DEA also notes that it has currently not been sufficiently documented that Noreco's proposed repair solution meets the regulatory requirements.

The letter from DEA confirms that decisions regarding the Siri repair solution require unanimity in the partnership. The company will continue on its plan to bring its proposed repair solution to the necessary level of maturity.

Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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Source: NORECO via Thomson Reuters ONE



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