Defect gas compressor at the Ula field closes Oselvar

Stavanger, 9 August 2013: Due to a defect gas compressor the Ula field will not be able to receive and process production from satellite fields, the field operator informs. This means that the Oselvar field is shut down. Noreco’s interest in Oselvar is 15 per cent.

The defect gas compressor were scheduled to be replaced medio September this year. The Ula field operator (BP) is currently discussing with its vendors if the replacement can be accelerated. Current estimate for start-up of production at Oselvar is towards the end of September.

Noreco’s share of the Oselvar production was 650 barrels of oil equivalents per day in the first half of this year. The field was shut in through all of July due to planned maintenance and Ula and Ekofisk (see previous announcements).

   
Contact:

Ørjan Gjerde, CFO, Tel: +47 900 35 738

   
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

    
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About Norwegian Energy Company

ASA Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com

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