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NORECO Stavanger, 17 June, 2008: Norwegian Energy Company ASA (Noreco, OSE: NOR), Allocation of subsequent offering in Noreco with gross proceeds of NOK 58.75 million has been completed.
Reference is made to the stock exchange notification dated 17 June 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 25 April 2008 (appearing in the VPS on 30 April 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 25 April 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 18 June 2008.
Payment for allotted shares will be made on 23 June 2008. The new shares will be tradable on Oslo Børs on or about 27 June, 2008.
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
