October 24, 2008

Noreco Discovers Oil in Knockandoo-Talisker Exploration Well Offshore Norway

The Norwegian Energy Company has discovered oil in the Knockandoo-Talisker exploration well near the producing Brage field offshore Norway, in which the company owns a 13% share.

The well is being completed and is expected to start production within three to four weeks. The Knockondoo-Talisker well is a part of the Norwegian Energy Company's (Noreco) extensive exploration and appraisal drilling program.

Noreco expects the Knockandoo-Talisker well to produce up to 10,000 barrels of oil equivalents per day gross once it has been completed in mid-November 2008, and is expected to contribute significantly to Noreco's production in 2009.