NEC ASA has requested the Oslo Stock Exchange to suspend NEC-J warrants for five days from June 8, 2010

6/7/2010 6:03 AM EST

Background: Upon the demerger of the company, NEC ASA will continue to have 75 million (NEC-J) warrants outstanding, whereas Panoro Energy ASA will issue 7.5 million warrants after the 10:1 reverse split of the shares.

The strike price for the warrants in NEC ASA and Panoro Energy ASA, respectively, will be decided based on the relative share price performance of NEC ASA and Panoro Energy ASA for the five first days of trading after the listing of Panoro Energy ASA (5-day volume weighted average price). The 7.5 million warrants to be issued in Panoro Energy ASA will thus be issued when a strike price has been established five days after the company's shares have been listed on the Oslo Stock Exchange (OSE).

As there will be no established strike price for the NEC-J warrants in this period, NEC ASA has requested OSE to suspend trading in NEC-J warrants from June 8, 2010 through June 14, 2010.

The new strike prices for the NEC and Panoro Energy warrants will be announced prior to trading June 15, 2010.

For more information, please contact:
Jonas Gamre, Investor Relations
Cell: +47 971 18 292
Email:   

Richard Boughrum, Chief Financial Officer
Cell: +1 714 520 1702
Email: