Noreco Updates Subsequent Offering of NOK58.75MM

Norwegian Energy Company ASA (Noreco) announced that the allocation of its subsequent offering with gross proceeds of NOK 58.75 million has been completed.

Reference is made to the stock exchange notification dated June 17, 2008, regarding completion of the Subsequent Offering. In total, applications for approx. 10.1 million new shares were received. A total of 2.5 million new shares will be issued by Noreco.

Only Eligible Shareholders that owned shares as of April 25, 2008 (appearing in the VPS on April 30, 2008) will be allocated new shares. In the event that Eligible Shareholders do not utilize their pre-emptive right, those Eligible Shareholders who have over-subscribed, will have a right to be allocated remaining shares not subscribed for on a pro rata basis.

Subscribers that that did not own shares as of April 25, 2008 will not be allocated any shares.

Eligible Shareholders being allotted new shares will receive a letter from VPS confirming the number of new shares allotted to the Eligible Shareholders and the corresponding amount to be paid. This letter is expected to be mailed on or about June 18, 2008.

Payment for allotted shares will be made on June 23, 2008. The new shares will be tradable on Oslo Bors on or about June 27, 2008.