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NORECO Stavanger, 28 May, 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), Noreco conducts subsequent offering and publishes new prospectus.
Reference is made to the stock exchange notices dated 25 and 28 April 2008 regarding the completed private placement and the planned subsequent offering of shares in Noreco.
The Board of Directors in Noreco has resolved to conduct a subsequent offering (the "Subsequent Offering") towards the shareholders in Noreco as per 25 April 2008 that were not invited to participate in the private placement of shares conducted in April 2008 (the "Eligible shareholders").
The Subsequent Offering will consist of up to 2,500,000 additional Offer Shares with preferred allocation to Eligible Shareholders at a subscription price of NOK 23.50 per Offer Share, raising up to NOK 58,750,000 in gross proceeds.
The Subscription Period will be from and including 29 May 2008 to 16:30 CET on 13 June 2008.
In connection with the Subsequent Offering, the Company has prepared a prospectus dated 27 May 2008 that has been approved by Oslo Børs.
The prospectus is available and free of charge at Noreco's and the Managers' website and offices.
Pareto Securities AS and Glitnir Securities AS are managers of the Subsequent Offering.
In addition, the 19,149,000 new shares issued in connection with the private placement conducted in April 2008, will begin trading on Oslo Børs ASA
For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856) www.noreco.com
