Prepayment offer to NOR06, NOR10 and NOR11

Stavanger, 28 February 2014: As previously informed by Norwegian Energy Company ASA (Noreco), an agreement has been reached with respect to its obligations to provide security for future removal decommissioning costs on the Nini, Nini East and Cecilie fields in Denmark, whereby Noreco will make a cash deposit of DKK 445 million for the benefit of the operator Dong. 

As a consequence and in accordance with applicable bond terms, Noreco now offers the holders of bonds in NOR06, NOR10 and NOR11 a pro rata prepayment of approx. NOK 61.6 million as set forth in the attached letter to the bondholders. 

Contact:
Ørjan Gjerde, CFO (0047 900 35 738)

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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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com