Listing of new shares and bonds and conversion of A-shares

Bullet

Stavanger, 20 December 2013:

Reference is made to stock exchange announcements from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") today concerning the approval of the Company's prospectus for a subsequent offering, as well as listing on Oslo Børs of the shares issued in the private placement and the new bonds issued by the Company as part of the Company's refinancing.

As previously communicated, the A-shares issued in the private placement and currently registered on N-OTC are expected to be converted and split to ordinary shares upon expiration of the statutory creditor notice period and the reduction of par value as resolved by the Company's general meeting on 15 November 2013.

Such creditor notice period will expire on 31 December 2013, and the Company expects that the par value reduction and the A-shares conversion and split will take place through registration in the Norwegian Business Register on or about the following trading day, being 2 January 2014. The A-shares will thus be listed and trade on Oslo Børs as ordinary shares of the Company from on or about 3 January 2014, however so that delivery of the new, converted shares (1 A-share converted to 31 ordinary shares) taking place on a standard T+3 basis pursuant to VPS settlement routines (i.e on or about 7 January 2014). Shareholders and investors should note that there can be no assurance that there will not be changes to these dates, and are urged to exercise caution when dealing with the Company's shares in this period. The Company will issue an updated announcement on 2 January 2014 when required filings have been made.

For further details, investors and shareholders should contact one of the managers or their account managers.

Following the completion of par value reduction and conversion to ordinary shares, the total number of issued shares in the Company will be 4,656,094,082. Total gross proceeds from the Subsequent Offering will be up to approximately NOK 100 million. Following completion of the Subsequent Offering, the total number of issued Shares in the Company will be between 4,656,094,082 and 5,656,094,082.

The new bonds issued as part of the Company's refinancing are expected to be listed and tradable on Oslo Børs from 27 December 2013.

 


Contact:

Ørjan Gjerde, CFO (0047 900 35 738)

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

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