Private Placement completed and new share capital registered

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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Stavanger, 4 December 2013: Reference is made to previous stock exchange announcement from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") concerning i.a. the private placement of new shares of NOK 430 million (the "Private Placement"). 

The Private Placement is now fully completed and the new capital registered in the Norwegian Business Registry. The Company's registered share capital is now NOK 1,533,891,693.20, divided on 138,709,677 A-shares and 356,094,095 ordinary shares. Pending completion of the nominal value reduction of the Company's shares as resolved by the general meeting on 15 November 2013, the conversion of the A-shares and publication of a listing prospectus, the A-shares issued in the Private Placement will be registered on a separate ISIN and not be tradable on Oslo Børs. The A-shares will however be registered for quotation on N-OTC. It is expected that conversion and listing of the new shares on Oslo Børs will take place on or about 31 December 2013.

Following completion of the nominal value reduction and conversion of the A-shares issued in the Private Placement, the Company will have a share capital of NOK 465,609,408.2 divided on 4,656,094,082 ordinary shares.

For further information, please contact:

Ørjan Gjerde, CFO +47 900 35 738

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This press release does not constitute an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be offered or sold in the United States absent registration or an exemption from registration as provided in the U.S. Securities Act of 1933, as amended. The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into the Australia, Canada, Japan or the United States.

Certain statements contained herein that are not statements of historical fact, may constitute forward-looking statements. Forward -looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results or events concerning the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although Noreco has attempted to identify important factors that could cause actual events or results to differ from those described in forward-looking statements contained herein, there can be no assurance that the forward-looking statements will prove to be accurate as actual future events could differ materially from those anticipated in such statements. Except as may be required by applicable law or stock exchange regulation, Noreco undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events.

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

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