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Allocation to primary insiders


October 1, 2012 - London

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

Stavanger, 1 October 2012

Reference is made to stock exchange announcement from Norwegian Energy Company ASA ("Noreco" or the "Company", ticker "NOR") dated 1 October 2012 regarding the conducted private placement of NOK 400 million (the "Private Placement"). The following primary insiders of Noreco and related parties have been allocated shares in the primary insider tranche of the Private Placement:

  • Haukeli Invest AS, a company owned by board member Arnstein Olav Wigestrand, has been allocated 27,027 shares in the Company at a price of NOK 3.70 per share, and will after delivery of the shares hold 87,027 shares in Noreco.
  • Einar Gjelsvik, CEO has been allocated 35,000 shares in the Company at a price of NOK 3.70 per share, and will after delivery of the shares hold 164,993 shares in Noreco.
  • Kvile Invest AS, a company owned by Ørjan Gjerde, CFO, has been allocated 30,000 shares in the Company at a price of NOK 3.70 per share. After delivery of the shares Orjan Gjerde will hold 90,000 shares in Noreco.
  • Ellen Bratland, COO & Vice President HSE, has been allocated 6,757 shares in the Company at a price of NOK 3.70 per share, and will after delivery of the shares hold 67,767 shares in Noreco.
  • Kjetil Bakken, Vice President Investor Relations, has been allocated 27,027 shares in the Company at a price of NOK 3.70 per share, and will after delivery of the shares hold 82,443 shares in Noreco.
  • John Bogen, Vice President Commercial, has been allocated 6,757 shares in the Company at a price of NOK 3.70 per share, and will after delivery of the shares hold 95,339 shares in Noreco.
  • Odd Kjørholt, Deputy Employee Representative, has been allocated 67,567 shares in the Company at a price of NOK 3.70 per share, and will after delivery of the shares hold 117,177 shares in Noreco. 

Contact:

Kjetil Bakken, VP Investor Relations (+47 91 889 889)

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This press release does not constitute or form part of 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.

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



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: NORECO via Thomson Reuters ONE

HUG#1645124

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