Approved prospectus

Reference is made to the stock exchange notices on 13
January 2011, regarding the completed Private
Placement and the contemplated Subsequent Offering.

The Financial Supervisory Authority of Norway has
today approved the following prospectus:

Listing of 6,000,000 New Shares on the Oslo Børs,
each with a nominal value of USD 0.10, issued in
connection with the Private Placement completed on 13
January 2011.

Subsequent Offering and listing of up to 3,000,000
Offer Shares, each with a nominal value of USD 0.10,
at a subscription price of NOK 2.50 with preferred
allocation for Eligible Shareholders as of 12 January
2011.

Subscription period in the Subsequent Offering from
and including 17 February 2011 to and including 25
February 2011

The Offering is managed by ABG Sundal Collier Norge
ASA.

The Prospectus may be obtained at the Company's
office and webpage, www.niosec.com, and the Managers'
offices. Norwegian investors with a VPS account can
in addition download the Prospectus and the
Subscription Form from www.abgsc.no.

For further information, please contact:
Tore Formo, CFO, +47 91 66 86 78


This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act)