Update on Xana-1X exploration well

Stavanger, 12 May 2015: Hydrocarbons have been discovered in the exploration well Xana-1X. The partnership will now evaluate if there is a sufficient volume of hydrocarbons for commerciality.

Spudded on 8 December 2014 in licence 9/95 in the northern part of the Danish sector of the North Sea with Maersk Oil as operator, the well was drilled by the jack-up unit Noble Sam Turner to a total measured depth of 5124 metres. The well is now being plugged and abandoned.

Through a Danish subsidiary Norwegian Energy Company ASA (Noreco) holds a 16 per cent ownership in the licence, which is operated by Maersk Oil. Noreco has paid its share of the licence cost and the interest in the licence is therefore retained.

The ownership in the 9/95 licence is as follows:

A.P. Møller - Maersk A/S 34 %
DONG E&P A/S 20 %
Noreco Oil Denmark A/S 16 %
Danoil Exploration A/S 10 %
Nordsøfonden 20 %

Contact:
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. 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.

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