Noreco announces that it has not achieved bondholder approval for the Djerv transaction

Oslo, 3 February 2016: Reference is made to announcement made on 21 December 2015, whereby Noreco announced to have entered into an agreement on the sale of its Norwegian petroleum activities to Djerv Energi AS which is conditional upon approval from NOR06 bondholders and the subsequent summons to a Bondholder meeting in NOR06 announced on 20 January 2016.

Today at 13 00 CET a bondholder meeting was held in NOR06, at Nordic Trustees offices in Oslo in which 80,14 % of NOR 06 bondholders attended in person or by proxy. 62,01% of the the bondholders voted in favour of approving the proposed sale of Noreco’s Norwegian petroleum activities to Djerv Energy AS. However, since approval of the transaction required a two-thirds majority vote, the NOR06 has not approved the transaction.

The company will continue to work to preserve values and optimise recovery for bondholders and its shareholders, and will continue to update the market and its stakeholders on the progress in this regard.

Contact:

Silje Augustson
Group CEO
Tel.: +47 51 22 53 00 or email: investorrelations@noreco.com