Noreco Announces Publication of Annual Statement of Reserves

Source: 3/25/2022, Location: Europe

Norwegian Energy Company ASA (“Noreco” or the “Company”) is pleased to announce its Annual Statement of Reserves, with proven plus probable net reserves (2P reserves) of 200 million barrels of oil equivalent (MMboe) as per 31 December 2021 compared to 201 MMboe at the end of 2020.

Following production net to Noreco of 10 MMboe in 2021, the upward reserve revision at the end of the year has been driven by strong underlying production performance and represents a reserve replacement ratio close to 100 percent on the producing hubs.

This information is considered to be 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, Norwegian Energy Company ASA, at the date and time as set out above.

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