Share option awards to all employees

Stavanger, 25 April 2014: The board of Norwegian Energy Company ASA (Noreco) has in today’s Annual General Meeting been given authorisation to issue share options to all employees in Noreco, in accordance with the company’s current options scheme.  

The board has decided to issue a total of 157 221 829 share options distributed to all of the company’s employees, with a strike price of NOK 0.16256 per share (weighted average trading price the last five trading days before the day of the Annual General Meeting). The options may be exercised during a period from 3 to 5 years from the date of grant.

The following primary insiders have been awarded share options:

Svein Arild Killingland has been awarded 17 973 587 options, new balance is 17 973 587 options and 1 500 000 shares.
Ørjan Gjerde has been awarded 8 700 517 options, new balance is 9 215 384 options and 1 000 000 shares.
Lars Fosvold has been awarded 8 504 539 options, new balance is 9 271 075 options and 2 291 169 shares.
Øyvind Sørbø has been awarded 7 612 343 options, new balance is 7 949 350 options and 1 354 053 shares.
Bård Lærum has been awarded 3 169 771 options, new balance is 3 474 986 options and 919 167 shares.
Hilde Alexandersen has been awarded 2 988 082 options, new balance is 3 276 721 options and 966 301 shares.
Anne Kvadsheim has been awarded 2 886 631 options, new balance is 3 168 789 options and 492 713 shares.
Erik Borg has been awarded 3 335 513 options, new balance is 3 653 834 options, and 197 972 shares.
Kenneth Brix has been awarded 1 773 788 options, new balance is 1 943 553 options and 64 516 shares.
Lotte Kiørboe has been awarded 3 073 152 options, new balance is 3 344 487 options and 313 662 shares.

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

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
 

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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