Allocation of Share Options

Oslo, 11 April 2017: Reference is made to the extended option scheme authorized at the extraordinary general meeting of Norwegian Energy Company ASA (“Noreco”) held 8 March 2017.

Lars Purlund has, after today`s board meeting, been allocated option rights to acquire or subscribe up to 70,000 shares in Noreco at a strike price of NOK 260 per share. Mr. Purlund owns 12,559 shares in Noreco and has the right to acquire or subscribe up to 70,000 shares at NOK 260 per share, in aggregate 82,559 shares.

Frederik Rustad has, after today`s board meeting, been allocated option rights to acquire or subscribe up to 10,000 shares in Noreco at a strike price of NOK 260 per share. Mr. Rustad has the right to acquire up to 10,000 shares at NOK 260 per share through the company Rhapsodie AS.

The option rights described above expire 8 March 2019.

Contact

Silje Augustson

CEO

Tel.: +47 215 15 707 or email: 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.