Noreco Norway provides operational update: Haribo exploration well spudded

Stavanger 22 June 2015: Noreco Norway AS (“Noreco Norway” or the “Company”) announced that the drilling of the Haribo prospect in Norwegian licence PL616 has started. Noreco Norway holds a 20 per cent interest in the licence.

The Haribo well (2/11-11) is drilled by the semi-submersible drilling rig Transocean Searcher. The drilling period is expected to take approximately 45 days.

The Haribo prospect is located 10 km south west of the Valhall Field in the Norwegian part of the North Sea. The predicted reservoir is chalk of Upper Cretaceous age in a depth of about 2900 meter. Noreco Norway estimates the prospect to contain 69 to 192 million barrels of oil gross on licence PL616 with a 42 per cent chance of success. These volume and risk estimates are in line with what Noreco Norway has previously communicated to the market.

The joint venture partners in Licence PL616 include Edison Norge (operator with 25 per cent), Noreco Norway (20 per cent), Concedo (20 per cent), Lime Petroleum Norway (15 per cent), North Energy (15 per cent) and Skagen 44 (5 per cent).

Contact:

Email: investorrelations@noreco.com

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About Noreco Norway AS

Noreco Norway AS was established in May 2004 and is a subsidiary controlled by the ultimate parent company Norwegian Energy Company ASA (“Noreco”), which is listed on the Oslo Stock Exchange with the ticker NOR. Noreco Norway AS is the issuer of the listed bond NOR06.

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.

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