Issue of shares through partial conversion of bond

Bondholders representing 1.39 percent of the outstanding loan of the convertible bond NOR12 issued by Norwegian Energy Company ASA (Noreco) with ISIN NO 0010697055, has in accordance with the bond agreement exercised the option to convert their bonds to equity at the conversion price of NOK 30 per share. Following this, Noreco has issued 172 992 common shares and the total number of shares is now 56 757 843.

Contact:

E-mail: investorrelations@noreco.com

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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 53 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.