Subsequent Offering - allocation

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Stavanger, 14 January 2014: Reference is made to previous stock exchange announcements from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") concerning the subsequent repair offering of up to NOK 100 million (the "Subsequent Offering").

The allocation of shares to be issued in the Subsequent Offering has now been completed in VPS, in accordance with the principles described in the prospectus of 20 December 2013. The Subsequent Offering was fully subscribed by existing, eligible shareholders with subscription rights (including such shareholders’ oversubscription). Subscribers without subscription rights will thus not be allocated any shares. Allocation letters from VPS confirming the number of shares allotted to the subscriber and the corresponding amount to be paid will be distributed today. 

For further information on payment, registration and listing etc of the new shares, reference is made to announcement of 08:53 (CET) today, 14 January 2014.

The following primary insiders have subscribed and been allocated shares in the Subsequent Offering:

Primary insider:                                    Shares allocated:             Shares held after completion:
Hilde Alexandersen                                      850,000                                  966,301 
Kenneth Brix                                                 40,302                                    47,021 
Ørjan Gjerde *                                           1,000,000                               1,000,000 
Svein Arild Killingland                                1,500,000                                1,500,000 
Liselotte Vibeke Kiørboe                               268,842                                  313,662 
Anne Hellvik Kvadsheim                                492,713                                  492,713 
Bård Arve Lærum                                         800,000                                  919,167 
Øyvind Sørbø *                                          1,160,570                               1,354,053 
Lars Winter Fosvold*                                 2,000,000                                2,291,169 
Erik Borg                                                    158,853                                   197,972
* includes shares allocated to and held by an associated company.

Arctic Securities ASA, Pareto Securities AS and Swedbank acted as joint lead managers and joint bookrunners for the Subsequent Offering. Schjødt acted as the Company's legal counsel.

Contact:
Ørjan Gjerde, CFO (+47 900 35 738)

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This press release does not constitute an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.

Certain statements contained herein that are not statements of historical fact, may constitute forward-looking statements. Forward -looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results or events concerning the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although Noreco has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the forward-looking statements will prove to be accurate as actual future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, Noreco undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

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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