Successful placement of unsecured bond issue

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Stavanger, 13 February 2013

Norwegian Energy Company ASA has successfully placed a new unsecured bond issue of NOK 300 million with maturity in February 2016. The settlement date for the bond issue is expected to be 25 February 2013. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

The proceeds from the bond issue will be used for future liquidity and/or refinancing of parts of existing debt. In connection with the bond issue, Norwegian Energy Company ASA has bought back the following bonds:

NOK 1.5 million in the existing bond issue NOR05 (ISIN: NO 0010592306) maturing 6 December 2013

NOK 16 million in the existing bond issue NOR08 (ISIN: NO 0010661390) maturing 30 December 2013

NOK 30.5 million in the existing bond issue NOR04 (ISIN: NO 0010548449) maturing 20 November 2014

DNB Markets and Swedbank First Securities acted as Joint Lead Managers in the bond issue and the related repurchases.

Contacts:

Ørjan Gjerde, CFO, +47 900 35 738

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

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This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.

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

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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 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).

For further information, please visit: www.noreco.com