Noreco announces early repayment of NOK 250 million to NOR10 bondholders

Stavanger 2 July 2015: Norwegian Energy Company ASA (“Noreco”) announces an early repayment of NOK 250 million of NOR10 outstanding bonds.

Following the announcement of reaching a settlement agreement with our partners in Denmark and the on-going process to monetise remaining assets and maximise value for stakeholders, the Board of Noreco has concluded that an early prorata repayment of NOK 250 million of principal and accrued interests (NOK 600 million of principal currently outstanding) will be made to the NOR10 bondholders as soon as practically possible. This repayment will be made through an exercise of Noreco's call option under the NOR10 bond agreement, and will be made at par value.

Further details will be provided to bondholders in due course.

Contact:
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
investorrelations@noreco.com

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. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.