Publication of Annual Statement of Reserves and Resources

29 Mar 2023 08:03 CEST

Oslo, 29 March 2023: Norwegian Energy Company ASA ("BlueNord" or the "Company")
has today published its 2022 Annual Statement of Reserves and Resources. As of
31 December 2022, the Company's net 2P (proven and probable) reserves and near
-term 2C (contingent) resources were 220mmboe.

The Company's 2P reserves were 182.4mmboe at the end of 2022. This
classification includes the Company's producing Dan, Halfdan and Gorm hubs, the
Tyra redevelopment project, the HCA gas lift project, four infill wells and the
Valdemar Bo South development.

The Company's near-term 2C resources, as recognized by RISC in accordance with
PRMS guidelines, were 37.2mmboe at the end of 2022. This classification includes
the Adda and Halfdan North developments, as well as the Svend Reinstatement
infill wells. The 2C resources defined to be near-term are expected to be the
next projects matured to 2P reserves and only represent a sub-set of the
Company's total 2C portfolio of future projects.

"I am pleased to announce BlueNord's reserve and resource base of a total of
220mmboe. This is the first time we include near-term 2C resources which is a
result of a positive trajectory of the identified field development
opportunities we have in our portfolio. With Tyra nearing completion and the
commencement of the seven-well infill campaign we have the right momentum and I
am looking forward to announcing further maturation of BlueNord's development
portfolio during 2023," said Marianne Eide, Chief Operating Officer.

The Reserves Report is attached and will be made available on the Company's
website www.bluenord.com.

This information is inside information pursuant to the EU Market Abuse
Regulation, and is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

The stock exchange announcement was published by Cathrine Torgersen, Executive
Vice President Investor Relations & ESG, BlueNord, at the date and time as set
out above.

***

Contact:

Cathrine F. Torgersen, EVP Investor Relations & ESG
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com

About Norwegian Energy Company ASA (BlueNord)
BlueNord is a strategically important European oil and gas company that
specialises in producing and developing energy resources, and in activities
which support the energy transition. The Company operates in the Danish North
Sea with a 36.8 percent interest in the Danish Underground Consortium (DUC).
BlueNord is listed on the Oslo Stock Exchange and currently trades under the
ticker "NOR". For further information, please visit: www.bluenord.com.

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586466_BlueNord_Annual_Statement_of_Reserves_Year_End_2022.pdf