Bondholders' meetings completed – restructuring proposal approved

Stavanger, 2 March 2015: Reference is made to previous announcements concerning the proposal for restructuring of Norwegian Energy Company ASA ("Noreco" or the "Company").

Further to the summons letter of 16 February 2015, bondholders' meetings in NOR06, NOR10, NOR11 and NOR12 have today been held to consider the restructuring proposal. The Company is pleased to report that the bondholders' meetings for all four bond loans resolved to approve the Company's proposal with sufficient qualified majorities.

"Noreco has been in urgent need of a solution, and the Board is very pleased to have been able to obtain consensus among the bondholders for the proposal. We now hope that the shareholders also unite behind the solution," says Silje Augustson, Chair of the Board of Directors of Noreco.

As per previous announcements, the proposed restructuring remains dependent on approval by a qualified majority of shareholders. The shareholders will consider the proposal in an extraordinary general meeting to be held tomorrow, on 3 March 2015 at 12:00 CET.

Contact:
Silje Augustson, Chair of the Board. Tel.: +47 992 83 900
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
Geir Arne Drangeid, IR contact. Tel.: +47 913 10 458

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 47 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.