Transfer of licences approved

Stavanger, 30 October 2012: Norwegian Energy Company ASA (Noreco) has received approval from the Norwegian Ministry of Petroleum and Energy (MPE) regarding the transfer of all production licences and operatorships from Noreco to its subsidiary Noreco Norway AS.

Noreco on 28 September 2012 announced a plan to reorganise the group structure in order to provide for more efficient operations. The approval from the MPE represents an important milestone in this plan. The company will now continue preparing for the transfer of all related assets, contracts and personnel, which is contemplated to be done with effect from year end 2012. 

Contacts:
Einar Gjelsvik, CEO ( 47 992 83 856)
Kjetil Bakken, VP Investor Relations ( 47 91 889 889) 

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

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 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

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