Focused on Delivery

Pareto Securities' 29th Annual Energy Conference

14 September 2022

Disclaimer

THIS PRESENTATION (THE "INFORMATION MATERIAL") HAS BEEN

PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE "COMPANY"). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY.

THE COMPANY DOES NOT MAKE ANY UNDERTAKING, REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION (WHETHER WRITTEN OR ORAL AND WHETHER INCLUDED IN THIS INFORMATION MATERIAL OR ELSEWHERE) CONCERNING THE COMPANY OR OTHER MATTERS DESCRIBED HEREIN. NEITHER THE COMPANY NOR ANY OF ITS PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON'S AFFILIATES, OFFICERS, EMPLOYEES OR ADVISERS ACCEPT ANY LIABILITY WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS INFORMATION MATERIAL OR OTHERWISE IN CONNECTION WITH THE MATTERS DESCRIBED HEREIN.

THE DISTRIBUTION OF THIS INFORMATION MATERIAL IN CERTAIN JURISDICTIONS IS RESTRICTED BY LAW. THIS INFORMATION MATERIAL IS NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

THIS INFORMATION MATERIAL MAY CONTAIN CERTAIN FORWARD- LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES. FORWARD-LOOKING STATEMENTS CONCERN FUTURE CIRCUMSTANCES AND RESULTS AND OTHER STATEMENTS THAT ARE NOT HISTORICAL FACTS, SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES", EXPECTS", "PREDICTS", "INTENDS", "PROJECTS", "PLANS", "ESTIMATES", "AIMS", "FORESEES", "ANTICIPATES", "TARGETS", AND SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS INFORMATION MATERIAL, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR CITED FROM THIRD PARTY SOURCES ARE SOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. NEITHER THE COMPANY NOR ANY OF ITS SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON'S AFFILIATES, OFFICERS OR EMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS

UNDERLYING SUCH FORWARD-LOOKING STATEMENTS ARE FREE FROM ERRORS, NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS INFORMATION MATERIAL OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS. THE COMPANY ASSUME NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR TO CONFIRM THESE FORWARD-LOOKING STATEMENTS TO OUR ACTUAL RESULTS.

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Disclaimer cont.

BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET AND THE MARKET POSITION OF THE COMPANY AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND BE SOLELY RESPONSIBLE FOR FORMING YOUR OWN VIEW OF THE

POTENTIAL FUTURE PERFORMANCE OF THE COMPANY'S BUSINESS AND

A POTENTIAL INVESTMENT IN THE COMPANY.

THE CONTENTS OF THIS INFORMATION MATERIAL ARE NOT TO BE CONSTRUED AS FINANCIAL, LEGAL, BUSINESS, INVESTMENT, TAX OR OTHER PROFESSIONAL ADVICE. THIS INFORMATION MATERIAL SPEAKS AS OF THE DATE HEREOF. NEITHER THE DELIVERY OF THIS INFORMATION MATERIAL NOR ANY FURTHER DISCUSSIONS OF THE COMPANY WITH ANY OF THE RECIPIENTS SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE SUCH DATE.

THIS INFORMATION MATERIAL IS SUBJECT TO NORWEGIAN LAW, AND

ANY DISPUTE ARISING IN RESPECT OF THIS INFORMATION MATERIAL IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF NORWEGIAN COURTS WITH OSLO DISTRICT COURT AS EXCLUSIVE LEGAL VENUE

IMPORTANT INFORMATION

AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS INVESTOR PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS,

CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS INVESTOR PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS INVESTOR PRESENTATION.

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A Significant Oil & Gas Producer in the EU...

36.8% WI in the Danish Underground Consortium ("DUC")

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Key Highlights

  • Material Operational Footprint
    • 36.8% WI in Danish Underground Consortium
    • DUC holds four hubs with a total of 15 fields
    • Production history of c. 50 years
  • Substantial Reserves and Resources Base
    • Net 2P Reserves:200 mmboe
    • Additional Resource Potential:~245 mmboe(1)
  • Meaningful and Growing Net Production
    • H1 2022:27.5mboe/d (c. 20% gas)
      • Jul/Aug 22:27.3mboe/d (c. 26% gas)
    • Winter 23/24 onwards:c. 50mboe/d (c. 45% gas)
      • Tyra II redevelopment onstream
  • Attractive Future Growth Potential
    • Further reservoir and well optimisation activities
    • Short-cycleinfill opportunities identified
    • Gas-weighteddevelopments being progressed
    • Evaluation of potential for CCS in the DUC

Balanced Portfolio Across Four Hubs in Denmark

Infrastructure access from central North Sea position

Pipeline system

DUC is the owner of the Danish

North Sea's key infrastructure

points

The bulk of Denmark's oil and

gas production is transported

onshore via the Gorm and Tyra

hubs

36.8%

43.2%

(operator)

20.0%

1)

Based on Noreco's Annual Statement for Reserves 2021, published in April 2022; RISC (UK) Ltd. Reserves Evaluation for the DUC at 31 December 2021

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2)

Includes 2C resources and potential upside from well and reservoir management / optimisation activities

… With A Strategically Important Asset Base

EU Energy Security role with direct Continental Europe export routes

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Key Observations

  • Recent structural change in the EU energy supply markets, particularly for gas
    • Replacement of volumes previously imported from Russia requires creativity and pragmatism
  • Renewed and invigorated focus on Energy Security, for both Denmark and the EU
    • Energy Transition, particularly in the near-term, requires gas to be a part of the energy mix
  • Supportive backdrop to deliver incremental gas production in short, medium and long-term
  • Noreco has significant reserves, resources and production offshore Continental Europe
    • The Danish Underground Consortium directly connected to the European gas network

Connected to the European Gas Network

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Liquids pipeline to Fredericia

2

Gas pipeline to Nybro

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Gas pipeline to Den Helder

Gas cross-border points

Denmark

Sweden

2

1

3

Netherlands

Germany

Belgium

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Source: The European Natural Gas Network 2021 and company data

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Norwegian Energy Company ASA published this content on 14 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 September 2022 08:09:06 UTC.