Noreco announces first quarter 2016 results

Oslo, 26 May 2016: Norwegian Energy Company ASA (“Noreco”) and the subsidiary Noreco Norway AS (“Noreco Norway”) today announces results for the first quarter of 2016.

Noreco Norway received approval from the Ministry of Petroleum and Energy on 23 May 2016 for the transaction announced on the 2 March 2016 with Det norske oljeselskap ASA. The outstanding approval from the Ministry of Finance is expected soon.

There will be a company update at Arctic Securities in Oslo today at 12:00 CET, the presentation is attached. Please e-mail events@arctic.com if you wish to attend.

The reports may be downloaded from the company's web site www.noreco.com or www.newsweb.no.

Contact: Silje Augustson, CEO. Tel.: +47 215 15 707

investorrelations@noreco.com

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.

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: www.noreco.com.