Huntington production has started
Stavanger, 15 April 2013: Norwegian Energy Company ASA (Noreco) has been advised by its operating partner E.ON Exploration and Production that production from the Huntington field has commenced. The start of production at Huntington is an important milestone for Noreco. The field will significantly increase the company's overall production and contribute to a substantial increase in cash flow.
The Huntington development includes the Voyageur Spirit FPSO (floating production, storage and offloading vessel) specifically modified to meet the field requirements, a six well subsea drilling template, and a 12 km gas export pipeline connected to the BP CATS transportation system, allowing export of gas. Huntington is located on the UK Continental Shelf, and is expected to have a production capacity of approximately 30,000 barrels of oil per day.
Noreco has a 20 % interest in the Huntington field. E.ON Exploration and Production is the operator of the field with a 25 % interest. Other partners are Premier (40 %) and Iona Energy (15 %).
Einar Gjelsvik, CEO ( +47 992 83 856)
Kjetil Bakken, Investor Relations Manager ( +47 91 889 889)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
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