Noreco announces receipt of updated tax ruling in Denmark

Oslo, 20 January 2015: Norwegian Energy Company ASA (“Noreco”), announces having received an updated ruling from the Danish tax authorities.

Reference is made to Noreco’s Q1 report, "Subsequent events", where Noreco reported that Danish authorities had formally challenged Noreco Oil Denmark A/S’s taxable income for 2011 related to the sale of the Syd Arne field. The worst case scenario would entail an additional payment of USD 10.5 million plus interest, but increasing corporate loss carry forward correspondingly. Noreco has challenged the reassessment and has now received an updated ruling where Danish authorities are claiming payment of USD 5.7 million plus interest. Noreco will contest the updated ruling.

Contact:

Silje Augustson, Group CEO.

Tel.: +47 992 83 900 or e-mail: investorrelations@noreco.com