Correction - refinancing has been approved

Stavanger, 5 November 2013: Reference is made to stock exchange announcement from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") today at 15:16 CET, where it was announced that one bond loan, NOR05, failed to approve the proposed refinancing.

It has now become clear, and confirmed by the Bond Trustee, that a miscalculation was made when counting the votes casted in NOR05. The correct calculation shows that there was a 69.55% majority in the NOR05 vote. Consequently, all the bonds have approved the refinancing proposal with sufficient two-third majorities, and the refinancing proposal thus approved as described in the summons and stock exchange announcement yesterday, 4 November 2013.

For further information, please contact:

Svein Arild Killingland, CEO +47 913 40786
Ørjan Gjerde, CFO +47 900 35 738

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

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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 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