Summons to bondholders’ meetings

Stavanger, 16 February 2015: Bondholders in NOR06, NOR10, NOR11 and NOR12 have been summoned to bondholders’ meetings on 2 March 2015 at 10:00 CET to consider the proposal for restructuring of Norwegian Energy Company ASA (“Noreco” or the “Company”), which was presented by the Company on 4 February 2015.

The summons letter has been made available for bondholders through Stamdata and is also attached for information in this announcement and posted on the Company’s web page.

As previously informed and further explained in the attached summons, the proposed restructuring is dependent on approval by a qualified majority of shareholders as well as bondholders in each of the Company's bond loans. Shareholders have already been called to an extraordinary general meeting on 3 March 2015 at 12:00 CET.

“Noreco is in urgent need of a solution, and the Board of the Company considers it crucial that bondholders and shareholders unite behind the proposal,” says Silje Augustson, Chair of the Board of Directors of Noreco.

“Noreco and several of its subsidiaries are already in breach of their obligations towards financial and trade creditors, including certain licence partners. The Company has now stopped intra-group funding pending approval of the restructuring proposal. The situation is precarious and it is becoming increasingly difficult to operate the various assets of the Company in the current situation. If approved, the proposed solution will provide a financial platform that will allow Noreco to safeguard and optimise the Company’s assets in a challenging market environment,” Augustson adds.

Contact:
Silje Augustson, Chair of the Board. Tel.: +47 992 83 900
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

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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 49 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.