Mandatory notification of trade

Stavanger, 12 March 2013: The board of Norwegian Energy Company ASA (Noreco) has as part of the company’s employee incentive scheme resolved to issue 448,778 new shares at a price of NOK 4.11 per share. The shares will be issued following registration of the share capital increase in the Register of Business Enterprises. After this capital increase, total number of shares issued in Noreco will be 356,094,095. The following primary insiders have subscribed and been awarded Noreco shares:

Hilde Alexandersen has subscribed to 12,338 shares, new balance is 116,301 shares.

Kjetil Bakken has subscribed to 16,181 shares, new balance is 120,869 shares.

Erik Borg has subscribed to 12,636 shares, new balance is 39,119 shares.

Kenneth Brix has subscribed to 6,719 shares, new balance is 15,787 shares.

Lars Fosvold has subscribed to 8,779 shares, new balance is 291,169 shares.

Einar Gjelsvik has subscribed to 24,859 shares, new balance is 248,161 shares.

Ørjan Gjerde has subscribed to 13,484 shares, new balance is 122,665 shares.

Lotte Kiørboe has subscribed to 11,642 shares, new balance is 44,820 shares.

Bård Lærum has subscribed to 7,815 shares, new balance is 119,167 shares.

The board has also, in accordance with Noreco's option scheme, decided to issue 8,297,299 share options to the company’s management and employees, with a strike price of NOK 4.11 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 been awarded share options:

Hilde Alexandersen has been awarded 143,945 options, new balance is 313,977 options.

Kjetil Bakken has been awarded 188,789 options, new balance is 441,943 options.

John Bogen has been awarded 357,798 options, new balance is 673,904 options.

Erik Borg has been awarded 147,425 options, new balance is 330,957 options.

Kenneth Brix has been awarded 78,399 options, new balance is 176,484 options.

Lars Fosvold has been awarded 383,353 options, new balance is 792,255 options.

Einar Gjelsvik has been awarded 687,771 options, new balance is 1371,041 options.

Ørjan Gjerde has been awarded 358,699 options, new balance is 528,351 options.

Lotte Kiørboe has been awarded 135,829 options, new balance is 282,977 options.

Anne Kvadsheim has been awarded 127,139 options, new balance is 282,158 options.

Bård Lærum has been awarded 146,760 options, new balance is 326,758 options.


Kjetil Bakken, Investor Relations Manager (+47 91 889 889) 

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act


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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

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About Us

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: