Planned Subsequent Offering
Stavanger, 28 April, 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), Reference is made to the stock exchange notice dated 28 April 2008 regarding the completed private placement and the planned subsequent offering of shares in Noreco.
The Board of Directors in Noreco has resolved to conduct a subsequent repair offering towards the shareholders in Noreco that were not invited to participate in the Private Placement (the "Eligible shareholders"). The subscription price in the Subsequent Offering will be equal to the price set in the Private Placement, i.e. NOK 23.50.
Based on the shareholders registered and the invited selected shareholders in the Private Placement, the size of the Subsequent Offering is expected to amount to approximately NOK 57.5 million with an offer of up to 2.5 mill shares. Noreco shareholders as per 25 April 2008 that were not invited to participate in the Private Placement will be given a non-transferable right to participate in the Subsequent Offering planned to be executed in May 2008.
The company will also prepare a prospectus to be approved by Oslo Børs in connection with the Subsequent Offering, planned to be published prior to the start of the subscription period for the Subsequent Offering.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)