Focused on Delivery

Results Presentation: Q1 2022

10 May 2022

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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.

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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 THIRDPARTY 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

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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 INDOMESTIC 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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Delivering in Today's Context

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Advantageously Positioned to Support Energy Security and Value Creation

Key Themes in the Current Landscape

  • ▪ Structural change in the EU energy supply, particularly for gas - Replacement of c. 100bcm p.a. of gas imports requires pragmatism from policy makers

  • ▪ Renewed and invigorated focus on Energy Security, for both Denmark and the EU - Denmark at forefront of Energy Transition, but also recognises necessity of gas in energy mix

  • ▪ Supportive backdrop to deliver incremental gas production in short, medium and long-term

    Noreco's Role and Response to the Current Landscape

  • ▪ Noreco's portfolio, and its potential, is consistent with these broader stakeholder objectives

    • - Maintaining current strong operational performance with high uptime and operational efficiency

    • - Completion of the Tyra redevelopment project, adding significant gas volumes from Q2-2023

    • - Acceleration of near-term opportunities, with seven infill drilling projects identified for sanction

    • - Progressing mature projects, with focus on gas-weighting (e.g. infill drilling in 2023 and Adda)

    • - Assessing potential for further growth in Denmark with Danish stakeholder support

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Focused on Delivery

Maximising Value: Today and Tomorrow

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Unlocks > 1 Tcfe(1) supporting long-term Danish and EU Energy Security

Material Production and Cashflow once onstream

Noreco is Fully-Funded to First Gas in Q2 2023

Monetise Remaining Economic Resources in the DUC

Disciplined Capital Allocation that prioritises shareholder returns

Continued Contribution to the Energy Transition

1) Gross volume potential of the Tyra redevelopment

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Norwegian Energy Company ASA published this content on 10 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2022 09:03:02 UTC.