Noreco is an oil- and gas

company in the

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The information included herein contains certain forward-looking statements that address activities, events or developments that Norwegian Energy Company ASA expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by Norwegian Energy Company ASA, which are beyond its control and are subject to certain additional risks and uncertainties. As a result of these factors, actual events may differ materially from those indicated in or implied by such forward-looking statements

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■ Consolidate Noreco and Altinex and capture synergies• Integration process of the two companies ongoing• Commence drilling campaign 3Q 2007 – extensive drilling over

the next 18 months• Bring five discoveries on stream by 2010

■ Listing of Noreco at the Oslo Stock Exchange targeted in Q4 2007• Noreco share currently trading at Norwegian OTC list

■ Portfolio rationalization and optimization• Dispose non-core assets, including oil services

■ Pursue further growth• Organic growth through license rounds awards in the North Sea• Asset acquisitions • Company acquisitions and mergers

Develop Noreco into a leading independent oil and gas company in the North Sea

What we said last year:

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Noreco has established a strong North Sea position in 3 years

■ Noreco is a fast growing, independent oil and gas company focusing on the North Sea

■ Balanced asset portfolio

• 7 fields in production – 15 150 boed in Aug 08

• 18 discoveries – 5 under development

• 54 exploration licenses

■ Extensive exploration and appraisal program

• 30+ wells by end 2010

■ 75 oil and gas professionals in Stavanger (main office), Oslo and Copenhagen

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Our Portfolio and PlansProspect / Discovery

3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Huntington

Nemo

Oselvar

Galtvort

Yoda

South Tor Pod

Ipswich

Tallisker / Knockandoo

Gita

South East Tor

Hyme (SE Tor flank)

Siri West

Huntington Fulmar

Gygrid

Eiganes

Grossbeak

Frusalen

Frigg East Gamma

Kinks

Lene West/Lucy

Sara

Fjellrev

Blizzard

PL440S

Gratcatcher

Briggen

Squash

Lupin

Jette

Revheim

Hertzog

Tasta

Ghimbi

PL411

Korvetten

Varden

2007 2008 2009 2010

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OptimizeProduction

Progress Resources from Prospect to Production

Grow through license rounds and acquisitions

■ Maximize value creation from production assets

■ Accelerate ability to reinvest in exploration and developments

StrategyBecome a leading independent oil and gas company in the North SeaNoreco’s vision is to build a leading independent oil and gas company

in the North Sea

■ Extensive drilling program

■ Progress discoveries to deliver value growth

■ Focus on material discoveries

■ Focus exploration in offshore NW Europe

■ Explore in areas where we have competence or compliment our current portfolio

■ Acquisitions must be material, or in area where we want to increase presence

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Significant production base in the North Sea

0

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

18 000

Jan Feb Mar Apr May June July Aug0

20

40

60

80

100

120

140Production

Realized oil price

2008 monthly production and realized oil price

boed $/boe

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

Noreco Detnor Revus PAResources

Production relative Oslo Børs peersboed

Source: July/2Q 2008 production based oncompany stock exchange releases

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Growth progressing to plan

Field PDO ProductionNini East Q1 08 Q4 09

Huntington H2 08 Q4 09 / Q1 10Phase I

Oselvar Q1 09 2011

Nemo H1 09 2011

Rau Q1 09 2010-2011

Huntington

Nini East

Rau

Oselvar

Nemo

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■ 8 of the 9 first wells have been successful

■ Recently completed wells• Galtvort - gas discoveries • Yoda – dry, full carry of well secured • Ipswich – oil discovery• South Tor Pod – oil discovery

■ Ongoing wells • Tallisker/Knockandoo

■ Upcoming wells• 5 wells in 2008• 10+ wells in 2009• 13+ wells in 2010

Yoda

Talisker / Knockanodoo

South Tor Pod

PL348Galtvort

Successful exploration program continues

Ipswich

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Upper Jurrasic Play

Middle Jurrasic PlayAmalie Discovery

9/06Gita

Gita is the next well to be spudded

■ Licenses 9/95 & 9/06 Denmark, Noreco 12%

■ Exploration prospect targeting two plays

■ Moderate chance of success (30%)

■ P50 estimate of 493 mmboe gross, with awith a p90-p10 range of 218 – 1186 mmboe

■ Drilling to start early October

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Newsflow

2H 2008

2009

■ Development plan for Huntington phase I

■ Forward plans Galtvort

■ Results from Brage Tallisker / Knockandoo and Gita exploration

■ Huntington appraisal deeper horizons

■ Results from South East Tor wells

■ License awards in 3 rounds (UK 25th, Norway APA08 and 20th)

■ Development plan Oselvar, Nemo and Rau

■ Results of 10+ exploration and appraisal wells

■ First oil Nini East

■ Development spending on Huntington phase I

■ Monthly production updates

■ Portfolio management

■ Optimization debt portfolio

■ M&AOngoing

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■ Continue building the company and adding value• Underlying field performance remains strong• Exploration program continues and high impact wells planned

over the next 2 years• Bring discoveries on stream in 2010

■ Portfolio rationalization and optimization• Exploration licenses• Discoveries

■ Pursue further growth• Organic growth through license rounds awards in Norway and UK• Asset acquisitions • Company acquisitions and mergers

Develop Noreco into a leading independent oil and gas company in the North Sea

Forward plans

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■ Noreco has established a strong position in the North Sea in less than 3 years

■ Record 2008 results

■ Outlook: On track to continue delivery of value growth

Summary

www.noreco.com

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