Mandatory notification of trade

Stavanger, 4 April 2011: The board of Norwegian Energy Company (Noreco, OSE:NOR) has in accordance with Noreco's option scheme decided to issue employee share options.

A total of 3,295,625 options have been issued, each with a strike price of NOK 14.85 per share. The options may be exercised during a period from 3 to 5 years from the date of grant.

The following primary insiders have received share options:

Name - number of options - new balance options - shares

Kjetil Bakken - 83 502 - 89 372 - 15 416

Erik Borg - 36 062 - 124 805 - 11 128

Birte N Borrevik - 99 743 - 351 543 - 215 933

Ellen Sandra Bratland - 94 277 - 175 691 - 61 010

Simon Campbell - 37 522 - 135 971 - 101 698

Lars Fosvold - 94 277 - 239 246 - 136 111

Stig Frøysland - 96 657 - 340 400 - 121 180

Einar Gjelsvik - 176 382 - 371 122 - 119 993

Liselotte Kiørboe - 30 211 - 92 123 - 11 531

Odd Kjørholt - 36 014 - 132 186 - 49 610

Bård Lærum - 34 107- 117 388 - 54 329

Thor Arne Olsen - 121 116- 417 447 - 1 368 048

Contact:

Kjetil Bakken, VP Strategy & Investor Relations (+47 91 889 889)

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

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