Noreco to Put Forward Mandatory Offer to Altinex Shareholders

Reference is made to Norwegian Energy Company AS` (`Noreco`) disclosure of their ownership and right to acquire ownership of 56.08% of the shares in Altinex ASA (`Altinex`) on 21 June 2007.

The acquisition has been financed through a NOK 1 635 million private placement of equity and convertible bonds directed towards existing shareholders and a group of 11 institutional investors. In addition, the Chairman and the CEO of Altinex have agreed, on selling all of their shares that they will receive part of the consideration in Noreco shares.

Noreco will following the acquisition disclosed today be holding 42.19% of the voting shares in Altinex, and will thus trigger a mandatory offer for the remaining shares of Altinex not held by Noreco, cf section 4-1 of the Norwegian Securities Trading Act. Noreco intends to proceed with a mandatory offer within 4 weeks in accordance with the Norwegian Securities Trading Act.

The mandatory offer price will be NOK 22.00 per share, equal to the highest price paid by Noreco for shares in Altinex. The mandatory offer will be put forward as soon as the formal offer documentation, which will include the further terms and conditions for the offer, has been approved by Oslo Bors (the Oslo Stock Exchange).