Disclosure of shareholding - Proxies for extraordinary general meeting

Stavanger, 19 February 2015: In connection with the extraordinary general meeting of Norwegian Energy Company ASA (Noreco) on 3 March 2015, the chair of the board, Silje Augustson, has received proxies without voting instructions to represent and vote for 18 341 825 shares.

In total Silje Augustson will thereby represent a total of 18 341 825 shares which equals approximately 32,32 per cent of outstanding shares and voting rights in Noreco.

Additionally, she has received proxies with voting instructions for 8 317 shares.

All proxies apply exclusively to the extraordinary general meeting in Noreco on 3 March 2015.

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

Contact: 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, and employs 49 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.