Noreco and North Energy agree asset transfer on PL484

Stavanger, 19 January 2015: Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30 per cent ownership in PL484 in the Norwegian Sea to North Energy ASA (North). The transfer is subject to government approval.

Further, the companies have agreed that Noreco, under certain conditions, has a right to re-enter the licence with a reduced equity share in the future.

The transfer of ownership in PL484 was originally part of an asset swap deal announced in summer 2014, which also included PL616 in the North Sea. This part of the agreement has been cancelled, and Noreco will consequently continue owning 20 per cent in this licence, where an exploration well will be drilled on the Haribo prospect later this year.

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, and employs 49 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.