Noreco: Third Quarter 2022 Trading Update
Oslo, 6 September 2022: Norwegian Energy Company ASA ("Noreco" or the "Company")
today announced preliminary production for July and August 2022 of 27.3 thousand
barrels of oil equivalent per day (mboepd) as well as the attached Operations
and Corporate Update presentation.

The strong production performance has been driven by the successful Halfdan well
restimulation campaign ("HCA restimulation") carried out this summer. This,
combined with strong performance across the portfolio, delivered approximately 2
mboepd of additional gas volumes and increased Noreco's gas weighting from c. 20
percent to c. 26 percent of total production. The HCA restimulation is expected
to have a positive effect until H2 2024.

With the planned maintenance shut-in of the NOGAT pipeline taking place in
September 2022, as announced in the Q2 results, the Company now expects
production for H2 2022 as follows:

+--------------+----------------+-----------------+----------------+
|(mboepd) |Current Guidance|Previous Guidance|Q4 2021 Guidance|
+--------------+----------------+-----------------+----------------+
|Q3 2022 |24.0 - 25.0 |21.0 - 24.0 |n/a |
+--------------+----------------+-----------------+----------------+
|Q4 2022 |25.5 - 27.5 |23.0 - 26.0 |n/a |
+--------------+----------------+-----------------+----------------+
|Full-year 2022|25.5 - 27.0 |24.5 - 26.5 |23.5 - 25.5 |
+--------------+----------------+-----------------+----------------+

The Company's three producing hubs have year to date delivered strong production
and operating efficiency, and the assets' potential has been further
demonstrated by the positive effects of the Gorm scale squeeze and the HCA
restimulation. As a result, both the Operator and Noreco have revised their
production outlook and this is expected to have a significant impact on the
Company's cash generation.

With the unprecedented developments in the European gas market, Noreco has also
during Q3 put in place a total of 450,000 MWh of additional gas hedges for
Winter 22/23, Summer 23 and Winter 23/24, further securing favourable prices in
the future.

"The success of the HCA restimulation campaign demonstrates the potential of our
existing production base, where increased operational activity is delivering
material results. This positive outcome has enabled us to increase our
production guidance for the second time during 2022. The addition of valuable
gas production during Q3 has driven strong cash generation to date, and the
revised forecasts we have published today show a significant enhancement of our
pre-Tyra cashflow profile. The DUC operator continues to mature further planned
workover activity, and we look forward to this continuing to deliver into 2023
and beyond" said Euan Shirlaw, Chief Executive Officer in Noreco.

Further details can be found in the attached document which will also be made
available at the Company's website www.noreco.com.

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.

***

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

I tillegg til gode tall for produksjon i dag har de også sikret seg gode priser på gass frem til 2024. Dette er god og sikker drift. With the unprecedented developments in the European gas market, Noreco has also
during Q3 put in place a total of 450,000 MWh of additional gas hedges for
Winter 22/23, Summer 23 and Winter 23/24, further securing favourable prices in
the future.