Mandatory Notification of Trade and share capital increase

Oslo, 13 June 2017: Norwegian Energy Company ASA (“Noreco”), informs that CEO Silje Augustson on this day has called 50,000 options to subscribe for shares in Noreco at strike price NOK 42 per share.

Upon receipt of the call notice, the Board of Directors summoned a meeting and adopted to increase the share capital of Noreco by NOK 500,000 from NOK 70,947,300 to NOK 71,447,300, by issuance of 50,000 new shares, each at nominal value of NOK 10, for a subscription price of NOK 42 per share. The new shares were subscribed for by Silje Augustson in the board meeting.

The shareholders’ pre-emption rights pursuant to section 10-4 of the Public Limited Companies Act is set aside, cf. section 10.5 of the Public Limited Companies Act.

The new shares give shareholders rights from the time the shares are registered in the Norwegian Companies Register. From the same time, § 4 of the Company’s articles of association shall be amended to read as follows:

“The share capital is NOK 71,447,300 divided into 7,144,730 shares, each with a nominal value of NOK 10”.

The estimated costs related to the increase in share capital is NOK 20,000.

In a back-to-back transaction Silje Augustson has divested the 50,000 shares at NOK 245. Silje Augustson retains 50,000 options with a strike price of NOK 42 and expiry March 2019.

Contact:

email: 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. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.