Board members and senior management participation in private placement

Stavanger, 23 September 2009: Norwegian Energy Company ASA (Noreco - OSE:NOR),
 
 
Reference is made to the announcement made on 23 September 2009 relating to the private placement in Noreco. The board of directors has on 23 September 2009 amongst others decided that the following primary insiders shall be allocated shares in the private placement at a share price of NOK 15 per share.
 
Lars Takla, Chairman was allocated 50 000 shares and total shareholding after the acquisition (incl. close associates) is 1 578 207 shares
 
John Hogan, Board Member was allocated 66 667shares and total shareholding after the acquisition (incl. close associates) is 421 195 shares
 
Aasulv Tveitereid, Board Member was allocated 333 333 shares and total shareholding after the acquisition (incl. close associates) is 343 333 shares
 
Therese Log Bergjord, Board Member was allocated 15 000 shares and total shareholding after the acquisition (incl. close associates) is 24 000 shares
 
Rebekka Glasser Herlofsen, Board Member was allocated 20 000 shares and total shareholding after the acquisition (incl. close associates) is 30 000 shares
 
Søren Reinhold Poulsen, Employee Board Representative was allocated 667shares and total shareholding after the acquisition (incl. close associates) is 667 shares
 
Malin E Flor Helgesen, Deputy Employee Board Representative was allocated 3 333 shares and total shareholding after the acquisition (incl. close associates) is 41 062 shares
 
Scott Kerr, CEO was allocated 33 333 shares and total shareholding after the acquisition (incl. close associates) is 1 695 288 shares
 
Jan Nagell, CFO was allocated 2 500 shares and total shareholding after the acquisition (incl. close associates) is 62 050 shares.
 
Einar Gjelsvik, VP Strategy & Investor Relations was allocated 2 000 shares and total shareholding after the acquisition (incl. close associates) is 87 205 shares
 
Synnøve Røysland, VP Southern North Sea was allocated 1 000 shares and total shareholding after the acquisition (incl. close associates) is 16 948 shares
 
Stig Frøysland, VP HSE/HR was allocated 6 500 shares and total shareholding after the acquisition (incl. close associates) is 63 519 shares.
 
Birte Noer Borrevik, VP Drilling and projects was allocated 6 667 shares and total shareholding after the acquisition (incl. close associates) is 152 729 shares.
 
 
The actual subscription and final delivery of shares are amongst others subject to the appropriate resolution being made at the extraordinary general meeting to be held on or about 14 October 2009.

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Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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