Production July 2014

Stavanger, 7 August 2014: Norwegian Energy Company (Noreco) in July 2014 produced 6 979 barrels of oil equivalents per day (boepd) on average. Net realised price in July was USD 92.2 per barrel of oil equivalents (USD 100.9 per barrel of oil) after adjustments for inventory, NGL and gas prices.

Production per field, July 2014 (June 2014 in brackets)
All volumes in boepd

Huntington – 4 180 (4 390)
Cecilie – 143 (39)
Nini – 2 075 (2 305)
Oselvar – 581 (615)
Lulita – 0 (0)
Enoch – 0 (0)
Total – 6 979 (7 350)

As previously informed an unplanned shut-down occurred at the Huntington field on 26 June. Since production resumed on 8 July field output has been stable at around 4 900 boepd net to Noreco. The impact on Huntington production due to maintenance work at the onshore CATS gas receiving terminal has been smaller than anticipated. On 31 July the field closed down for planned maintenance at CATS and on the production platform Voyageur Spirit. Production is expected to resume after 2-3 weeks and thereafter rapidly ramp up to plateau level of around 6 400 boepd net to Noreco.

Production at the Nini field was stable through July, with only short periods of downtime. Production at the Cecilie field was around 250-300 boepd net to Noreco for parts of July, but it remains unstable.

The technical installation work related to the permanent repair of the Siri platform has been completed and production from the Siri field has partly resumed. Documentation and authority approvals remain before final commissioning, which will allow use of the subsea storage tank. This repair work, combined with production from the Siri field, is expected to result in more stable production from the other fields in the Siri area as well. The crude oil storage tank at the Siri platform is likely to be on line early in the fourth quarter. The temporary solution with production directly to shuttle tanker will then be terminated.

The Oselvar field had stable production through all of July. The Lulita field came back on stream on 5 August when the annual maintenance programme at the Harald platform and the Harald to Tyra export solutions was completed.

According to the operator the Enoch field is now expected to restart production towards the end of the third quarter or early in the fourth quarter.


Contact:

Ørjan Gjerde, CFO (0047 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 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com

About Us

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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