Noreco announces second quarter 2016 results

Oslo, 31 August 2016: Norwegian Energy Company ASA (“Noreco”) and the subsidiary Noreco Norway AS (“Noreco Norway”) today announces results for the second quarter of 2016.

During the quarter the transaction for the sale of the Norwegian petroleum activities was completed. All employees in the Stavanger office were transferred to Det norske oljeselskap ASA and the Stavanger office closed.

Noreco continues the work to maximise the values of its portfolio of assets in the three jurisdictions it operates. A particular focus is on the SIRI insurance claims where Noreco is working with its partners, Awilhelmsen Special Opportunities AS and QVT Financial LP, in preparation for the court case scheduled for 12 September 2016.

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. 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 49 oil and gas professionals. Noreco 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.