GROUP REORGANISATION

Stavanger, 2 January 2013: Reference is made to announcements of 28 September 2012 and 30 October 2012 concerning a reorganization of the Noreco group structure in order to provide for more efficient operations, and to received approval from the Norwegian Ministry of Petroleum and Energy regarding the transfer of all production licences and operatorships from the parent company Norwegian Energy Company ASA to its subsidiary Noreco Norway AS.

Noreco has on 31 December 2012 completed the planned and announced transfers, with the effect that from the expiry of the same date, all related assets, contracts and personnel have been transferred to the subsidiary Noreco Norway AS. Noreco Norway AS has thereby become owner of all the group's licenses on the Norwegian continental shelf, and the parent company has discontinued its direct petroleum activities.

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