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Extraordinary General meeting in Noreco - Nomination Committee's proposed Board of Directors and Nomination Committee

January 30, 2014

Stavanger 30 January 2014 : Reference is made to the notice for an extraordinary general meeting in Norwegian Energy Company ASA ("Noreco", ticker "NOR") dated 14 January 2014 . As described in the notice, the agenda items are appointment of Board and Chairman, and nomination committee and Chairman. The company's nomination committee has proposed that the general meeting appoints a new board consisting of Morten Garman (chairman)(new), Hilde DrØnen, Marika SvÄrdstrÖm (new), Erik Henriksen (new) and David Gair (new) as shareholder appointed members. BÅrd Arve LÆrum and Hilde Alexandersen continue as employee elected board representatives. The company's nomination committee has further proposed that the general meeting appoints a nomination committee consisting of Tom Henning Slethei (chairman)(new), Ole Rettedal and Morten Garman . About Morten Garman Garman is an attorney-at-law, and has wide experience as counsel in most areas of business law, including comprehensive assistance in financing. He works with stock exchange and securities law, corporate law, international law, contract law, transport law, litigation in construction and offshore contracts, and he also acts as an arbitrator in disputes within these areas. Morten Garman has comprehensive board experience and holds directorships in large Norwegian corporations and foreign companies with international activities. About Hilde DrØnen Hilde DrØnen is currently the CFO in DOF ASA (since 2004), and has extensive experience from the offshore sector. She has previously worked as the Finance Director in Bergen Yards AS (2003-2004) and Group Controller for the MØgster Group (1995-2003). She holds a Master degree from the Norwegian School of Management (BI) and legal course from Universitetet i Bergen (UIB). Mrs DrØnen is and has been represented in several Boards of Directors, including DOF Subsea AS (since 2005), Sevan Marine ASA (2006-2010) and Tide ASA (2005-2010). About Marika SvÄrdstrÖm Marika SvÄrdstrÖm is an advisor to Sabaro Investments Ltd. She holds an MBA from IMD in Switzerland and a M.Sc. in Energy technology from Lund Institute of Technology in Sweden . SvÄrdstrÖm has 20 years of international and commercial experience in industries including financial services, the energy sector and telecom/IT. Previous roles include member of the executive management team at Skandiabank (Switzerland) AG and leadership positions within product and services innovation, strategy and marketing at GE Capital and Vattenfall AB, among others. She has lived and worked in Switzerland , Hong Kong , UK , France and Sweden . About Erik Henriksen Erik Henriksen is an advisor to Sabaro Investments Limited ( , ). He has a diploma in International Shipping from London School of Foreign Trade . Henriksen has been a founder, developer and investor in various companies over the last 30 years including Telecomputing ASA , Intelecom ASA, Discoverer ASA, Tanker Navigation ASA (all companies have been listed at the Oslo Stock Exchange ) as well as many private companies including Trader Navigation (UK) Limited . Earlier in his career he worked for F.H. Lorentzen & Co. , Oslo, Stolt-Nielsen Group (Oslo and the US), R.S. Platou (Oslo and Hawaii ) and was in charge of a joint venture company between R.S.Platou and the Erling Lorentzen Group in Rio de Janeiro, Brazil . About David Gair Gair has an international petroleum engineering background, and years of experience from executive E&P leadership and M&A delivery in BP and Royal Bank of Canada . Gair is a chartered engineer from the Institute of Petroleum , and holds a Bsc (Hons) in Industrial Chemistry from Kingston University . For further information please contact: Ole Rettedal , Nomination committee chairman (0047 906 82 052). Svein Arild Killingland, CEO (0047 913 40 786) Ørjan Gjerde, CFO (0047 900 35 738) *** 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: Click here for more information:

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