Noreco: NOR13 Ruling withdrawn - Revised timeline and settlement mechanics relating to the NOR13 Amendments - NOR15 Exchange Offer continues as planned

20 Dec 2022 12:37 CET

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UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.


Oslo, 20 December 2022: Reference is made to previous stock exchange notices
relating to the proposed amendments as announced by Norwegian Energy Company ASA
("Noreco" or the "Company") on 8 November 2022 (the "NOR13 Amendments") to the
Company's outstanding USD 165,229,319 2019/2027 convertible bond loan with ISIN
NO0010851520 issued by Noreco ("NOR13").


The NOR13 Ruling withdrawn
Reference is also made to the temporary injunction issued by the Oslo District
Court announced by the Company on 29 November 2022, which prevented Noreco from
implementing the NOR13 Amendments (the "Ruling"). As announced on 16 December
2022, the minority NOR13 bondholders claiming the Ruling in the first place have
requested the Oslo District Court to withdraw the Ruling.


Oslo District Court has now confirmed that the temporary injunction is withdrawn
and the Ruling is no longer in effect (in NW: "hevet").


NOR15 Exchange Offer continues as planned
Further to the Ruling, Noreco announced on 7 December 2022 to launch an exchange
offer for NOR13 bondholders to exchange their bonds into a new convertible bond
("NOR15) at certain terms and conditions as described in the aforementioned
announcement (the "Exchange Offer"). The Exchange Offer will continue as
planned, and the Company has currently received acceptances from bondholders
holding more than 2/3 of NOR13 bonds under the Exchange Offer.


The deadline for accepting the Exchange Offer is 21 December 2022 at 16:00 CET
(subject to any extension of this Exchange Offer acceptance period by the
Company). See the announcement made by Noreco on 7 December 2022 regarding how
the Exchange Offer may be accepted.

Subject only to the conditions set out under the terms of the Exchange Offer
being fulfilled, the new NOR15 bonds are expected to be issued on or about 30
December 2022.


Noreco intends to apply for listing of the NOR15 bonds on Oslo Børs, subject to
Oslo Børs approving such listing and subject to the Norwegian Financial
Supervisory Authority approving a prospectus to be prepared by the Company in
connection with such listing.

New timeline for the NOR13 Amendments
The Company announced on 21 November 2022 a contemplated timelime relating to
the implementation of the NOR13 Amendments. Due to the Ruling, the Company was
however not able to comply with this timeline, as previously announced.


As a result of the Ruling no longer being in effect, Noreco has now set a
revised timeline of important dates and deadlines in connection with the
implementation of the NOR13 Amendments.


Unless otherwise exchanged into NOR15 bonds pursuant to the Exchange Offer or
converted into new shares in Noreco, the NOR13 Amendments will be implemented
for any remaining NOR13 bonds.  Following these amendments, NOR13 and NOR15
will, other than having separate ISIN numbers, be similar instruments. The
timetable for key dates relating to the NOR13 Amendments is outlined below:


12 January 2023:

· NOR13 Effective Time Notice Date: This is the latest date for exercising the
conversion right prior to implementation of the NOR13 Amendments. All NOR13
bondholders who would like to convert their NOR13 bonds including accrued
interest into shares in the Company at the existing terms prior to the NOR13
Amendments being implemented, must ensure that the conversion notice is
delivered to the paying and conversion agent (by following the procedure set out
in Clause 12 of the Bond Terms) by 16:30 Oslo time on 12 January 2022.
Conditional conversion notices already sent to the paying and conversion agent
will remain in escrow with the paying and conversion agent unless explicitly
revoked and will be deemed received on the Effective Time Notice Date.

19 January 2023:

· NOR13 Effective Time: the NOR13 Amendments will enter into force as of 19
January 2023.
· Record Date for the Compensation Bonds: the NOR13 compensation bonds (as
described in Noreco's announcement on 8 November 2022 (the "NOR13 Compensation
Bonds") will be issued to registered NOR13 bondholders in the CSD as of 19
January 2023.

26 January 2022:

· NOR13 Compensation Bonds Issue Date: the NOR13 Compensation Bonds are
expected to be issued on or about 26 January 2022.
· NOR13 Conversion Date: issuance of new Noreco shares for those NOR13
bondholders who have decided to convert their NOR13 bonds into shares in Noreco
in accordance with the timeline above is expected to happen on or about 26
January 2022.

The NOR13 Compensation Bonds shall be sought to be listed on Oslo Børs, subject
to approval by Oslo Børs and approval by the Norwegian Financial Supervisory
Authority of a prospectus for any such listing. The NOR13 Compensation Bonds
shall be put on a separate ISIN until such prospectus has been approved and
published.

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


***

Contact:
Cathrine Torgersen, EVP Investor Relations & ESG
Email: ct@noreco.com
Phone: + 47 915 28 501


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The contents of this announcement have been prepared by, and are the sole
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