Completion of transaction with Det norske oljeselskap ASA

Oslo, June 30, 2016: Reference is made to the announcement made on 2 March 2016, in which Noreco Norway AS entered into a Sale and Purchase Agreement (“SPA”) with Det norske oljeselskap ASA (“Detnor”) for the sale of all remaining exploration licenses and transfer of all employees of Noreco Norway AS. The conditions for completion have now been fulfilled and the transaction was successfully completed on 30 June 2016.

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.