Noreco reaffirms independence

Offshore staff

STAVANGER, Norway -- Norwegian Energy Co.(Noreco) has decided against a sale or merger of all or parts of the company, following a strategic review.

The board took its decision after evaluating the options and offers received, offsetting these against the potential value of the company’s portfolio offshore Norway and Denmark.

Currently the company produces around 10,000 boe/d from eight offshore fields, and its production should rise substantially next year from ongoing projects.

Noreco is participating in exploration wells this year testing a risked resource potential of almost 100MMboe, and it has stakes in various discoveries should progress towards development decisions.

CEO Scott Kerr, who has been with the company since its inception in 2005, has stepped down. Einar Gjelsvik replaces him as acting CEO.

03/23/2011



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