Mandatory notification of trade

Stavanger, 5 December 2013: IKM Industri-Invest AS has today sold 564 516 A-shares in Norwegian Energy Company ASA (Noreco). 

The shares have been sold to employees of IKM Industri-Invest AS, at a share price of NOK 3.10 per A-share, which equals a price of NOK 0.1 per ordinary share. IKM Industri-Invest is controlled by Ståle Kyllingstad, who is Chairman of the Board in Noreco.

-Employees of IKM Industri-Invest share my belief in the potential in Noreco, and wanted to participate. I believe it is positive for all parties to get the opportunity to use their own money on such an investment, Kyllingstad says.

After the transaction, IKM Industri-Invest owns 46 972 889 ordinary shares and 31 693 484 A-shares, which equals 22.11 percent of all the voting rights in the company after the private placement is completed, but before the announced subsequent offering.

After the conversion of A-shares to ordinary shares and completed subsequent offering (provided full subscription), the shareholding will be 1 029 470 889, equalling 18.20 percent of the voting rights and share capital of the company.

This information is subject of the disclosure requirements pursuant to section of 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