Production August 2015

Stavanger, 4 September 2015: Net production for Norwegian Energy Company ASA (Noreco) in August 2015 is estimated at 3 561 barrels of oil equivalents (boe) per day.

Net realised price in August was USD 42.2 per boe (USD 45.4 per barrel of oil) after adjustments for inventory, NGL and gas prices.

Production per field in August 2015 (July 2015 in brackets):
All in boepd

Huntington – 3 084 (3 017)
Oselvar – 478 (37)
Lulita – 0 (7)
Total – 3 561 (3 060)

The Huntington field has had stable production throughout the month.

The Oselvar field restarted production on 8 August after the planned summer shutdown on Ula. Production has been stable since, only interrupted by a planned emergency shutdown test at Ula. As reported on 1 July 2015, Noreco’s interest in the Oselvar field has been sold with effect from 1 January 2015. Noreco will continue to report Oselvar production and revenue until completion of this transaction.

The Lulita field has been closed in since early July due to technical problems. The duration of the shut down is presently unknown. As announced 2 July 2015, Noreco now holds 10 per cent interest in the Lulita field.

Contact:
E-mail: investorrelations@noreco.com

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About Norwegian Energy Company ASA

Noreco is an independent Norwegian oil company. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.