Production October 2014

Stavanger, 7 November 2014: Norwegian Energy Company ASA (Noreco) in October 2014 produced 3 702 barrels of oil equivalents per day (boepd) on average. Net realised price in October was USD 78.0 per barrel of oil equivalents (USD 82.8 per barrel of oil) after adjustments for inventory, NGL and gas prices.

Production per field, October 2014 (September 2014 in brackets)
All volumes in boepd

Huntington – 1 100 (4 801)
Cecilie – 182 (286)
Nini – 1 722 (1 529)
Oselvar – 533 (442)
Lulita – 164 (369)
Enoch – 0 (0)
Total – 3 702 (7 427)

As previously reported, gas export restrictions imposed by the Central Area Transmission System (CATS) reduced Huntington production significantly from 1 October, and closed the field entirely from 18 October. The shut-down is expected to continue until ca. 5 December.

The Huntington operator is currently working on several mitigating actions to improve future output from the field. In the short term, gas injection is being considered with a possible test period at the end of November. With a successful test, this could pave the way for higher oil production during future CATS restriction periods. Long-term mitigation most likely will involve intervention in one or more water injection wells, which could possibly be implemented mid-to-late 2015. Noreco is awaiting the operator’s estimates on expected impact of such initiatives.

Production at the Nini and Cecilie fields was stable through October, with some short periods of downtime. The Oselvar field reported steady production through the month.

Lulita production in October was below expectations due to water treatment issues at the Harald production platform, where the production from Lulita is processed. According to the operator, the Enoch field is expected back on stream in the fourth quarter.

Contacts:
Media: Svein Arild Killingland, CEO 47 992 83 900
Investor Relations: Tommy Sundt, CFO 47 992 83 900
and Geir Arne Drangeid, IR contact on 47 913 10 458

Or email: investorrelations@noreco.com

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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 53 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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