Noreco announces NOR06 approval of the proposed sale of Noreco’s Norwegian petroleum activities

Oslo, 16 March, 2016: Reference is made to announcement made on 2 March 2016, whereby Noreco announced to have entered into an agreement on the sale of its Norwegian petroleum activities to Det norske oljeselskap ASA (“Detnor”) and the subsequent summons to a Bondholder meeting in NOR06. Further reference is made to announcement made on 21 December 2015, whereby Noreco announced a sale of the Enoch licence interest to Cape Omega.

A Bondholder meeting in NOR06 was held today at 13 00 CET, at Nordic Trustees offices in Oslo, whereby the presented proposal was approved, hereunder the transactions with Det norske and Cape Omega. The approval obtained the required majority of votes with 99.11 % of the votes present voting in favour of approving the transactions, and with 64.79 % of the total votes being present in person or by proxy.

Completion of the transaction with Detnor is still pending approval by the ministry of Oil and Energy and the Ministry of Finance.

Contact:

Silje Augustson

Group CEO

Tel.: +47 215 15 707 or email: investorrelations@noreco.com