Updated financial calendar, prospectus and reverse split of shares

Stavanger, 7 May 2015: Norwegian Energy Company ASA (Noreco) hereby provides an update on progress with regards to the prospectus and listing of the new shares, the planned and approved reverse split of shares and date for release of financial statement for the first quarter 2015.

Reference is made to stock market notification dated 24 March 2015 in which Noreco said that the listing prospectus for the new shares issued as part of the recent restructuring would be published towards the end of April.

Noreco now expects that the prospectus will be approved and published on or before the 15th of May, 2015. The new shares, which are registered on a separate ISIN and tradable on an unregulated market place, will then be listed on the Oslo Stock Exchange.

Shortly thereafter, the planned reverse split (amalgamation) of shares in the ratio 100 to 1, which was approved by the shareholders at the extraordinary general meeting on 3 March, will be executed.

Release of Noreco’s financial report for the first quarter 2015 has been postponed from 21 May to 29 May 2015.

Contact:
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
or 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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