Annual General Meeting in Noreco – election of new board member

Stavanger, 11 April 2014: Reference is made to the notice for the Annual General Meeting in Norwegian Energy Company ASA ("Noreco", ticker "NOR") dated 2 April 2014. Reference is further made to the announcement of 4 April 2014 regarding David Gair's resignation from the Board of Directors.

As a consequence of the resignation the recommendation under agenda item 8 in the notice to the Annual General Meeting has been changed, and it is suggested that a new board member may be appointed to replace David Gair.

The company’s nomination committee proposes that Trygve Pedersen is appointed as a new board member. Pedersen is CEO in Solveig Gas Norway AS, the second largest owners of Gassled. He has extensive experience within operations, business development and financial analysis from Statoil, BP and Petoro, and was CEO in Rocksource from 2006 until 2011, before starting in Solveig Gas Norway AS. Pedersen has education within Finance from Aalborg University and the University of Stavanger.

The other current board members will remain unchanged.

Contacts:
Tom Henning Slethei, nomination committee chairman (+47 997 00 635).
Ørjan Gjerde, CFO (+47 900 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