NOR06 repayment

Oslo, May 9, 2017: Reference is made to the sale of Noreco Norway’s (“Noreco”) exploration activities to Det norske oljeselskap last year and the bondholder meeting held on March 16th, 2016 to approve the transaction and the NOR06 repayments. Further reference is made to the approval of the Dvalin (formerly Zidane) PDO by the Norwegian authorities and Noreco`s subsequent success payment. After negotiations with OMV, Noreco will receive NOK 112 437 300 million of which 30% will go to NOR06 bondholders according to the amended bond agreement. The cash payment of approx. NOK 33.7 million will be made pro-rata to NOR06 bondholders May 16, 2017.

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