Changes to Noreco management

Stavanger, 16 January 2013: Norwegian Energy Company ASA (Noreco) is implementing the following changes to its management team:

John Bogen has been appointed COO & VP HSE. Bogen holds an MSc from the Norwegian Institute of Technology (NTNU) within Industrial Engineering. He has more than 30 years of experience from the petroleum industry and has previously worked for i.a. Phillips Petroleum Company and BP in operational, organisational and commercial roles. Bogen has been working for Noreco since February 2008, and comes from the position as VP Commercial.

Bogen replaces Ellen Sandra Bratland, who is leaving Noreco for a position in Norske Shell.

The Commercial function will be headed by CFO Ørjan Gjerde.

The Investor Relations function is no longer part of the executive management team. The function will continue to be headed by Kjetil Bakken.

After these changes, Noreco's executive management team is reduced from six to four positions and consists of:

• Einar Gjelsvik, CEO
• John Bogen, COO & VP HSE
• Lars Fosvold, VP Exploration
• Ørjan Gjerde, CFO

Contacts:
Einar Gjelsvik, CEO ( +47 992 83 856)
Kjetil Bakken, Investor Relations Manager ( +47 91 889 889) 

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

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