Notice of extraordinary general meeting 3 March 2015

Stavanger, 10 February 2015. Reference is made to the stock exchange announcement dated 4 February 2015 regarding a revised restructuring proposal.

Notice is hereby given that an extraordinary general meeting of Norwegian Energy Company ASA will be held at the company's premises in Stavanger on 3 March 2015 at 12:00 CET. Please find attached notice of the extraordinary general meeting and attendance/proxy forms. These documents will also be sent to all shareholders with known address. The notice of the extraordinary general meeting and attendance/proxy forms are also available at www.noreco.com.

With respect to bondholders' meetings required to approve the restructuring proposal, it is the company's intention to disburse summons to such shortly, and in time for bondholders' meetings to be held no later than around the time of the general meeting. Pending publication of such summons and further clarifications, given the outstanding bond defaults, the uncertainty of the situation and ongoing discussions with bondholders and other stakeholders as previously reported and latest on 4 February 2015, the company has requested Oslo Børs to maintain the suspension of the company's shares and bonds.

Contact:
Tommy Sundt, CEO. Tel.: +47 992 83 900
Odd Arne Slettebø, CFO. Tel.: +47 992 83 900
Geir Arne Drangeid, IR contact. Tel.: +47 913 10 458

Or email: 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.