Summons to bondholders' meetings

Stavanger, 4 December 2014: Reference is made to previous stock exchange notices where Norwegian Energy Company ASA ("Noreco" or the "Company") has informed of expected impairments of Oselvar and Huntington and negative developments in production performance, including its announcement on 19 November 2014 where it was reported that deferral of certain bond payments due on 9 December 2014 would need to be obtained. 

As also stated in connection with its Q3 earnings release on 28 November 2014, the Company has a constructive dialogue with the bond trustee and bondholder representatives, and summons for bondholders' meetings in each of the Company's four outstanding bond loans requesting certain waivers and deferral of relevant amortisation payments have now been finalised. The complete summons letter is attached hereto.

The requested waiver and deferrals will allow the Company to continue to explore alternatives and solutions which can create or preserve more values for all stakeholders in the current situation. The waiver and deferral is in the first instance requested up to 28 February 2015.

As follows from the attached summons letter, the waiver and deferral and the terms thereof has been discussed with the bond trustee and its advisors, who in turn have discussed with an ad hoc committee of bondholders. The bond trustee has informed that the committee, which represents a significant majority of the bonds across all four bond issues, has expressed its support for the proposal as set forth therein, and that they intend to vote in favour of the proposal.

Contacts:
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

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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 53 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.