Production resumed on Huntington

Stavanger, 22 August 2013: Reference is made to the press release dated 12 August regarding the shut in of production from the Huntington field.

Noreco has been informed by the operator of the Huntington Field, E.ON UK E&P, that production was restarted on 19 August 2013 following the precautionary shutdown due to concerns with the cargo tank venting activities during low wind conditions. As was previously announced, Huntington production was temporarily shut-in on 8 August 2013.

Only small volumes have been produced since 19 August, and output is still subject to weather conditions. Prior to the commissioning of the hydrocarbon blanketing system, expected during the week of 26 August 2013, production will be temporarily shut-in if wind speeds drop below safe venting conditions (approximately 10 knots).  Once the hydrocarbon blanketing system has been commissioned it is expected that production will ramp up to pre-shutdown levels of approximately 27,000 boe/day (23,400 bbl/day of oil and 20 MMcf/day of natural gas), representing 5,400 boepd net to Noreco.

During the ramp up back to pre-shutdown production levels, the online commissioning and stabilization of the second gas compression system, referred as Train A, will occur. Once the compressor is on stream, production is expected to reach full capacity.

The working interests in the Huntington field are E.ON E&P UK Ltd (25% Operator), Premier Oil plc (40%), Noreco Oil UK Ltd (20%), and Iona Energy (15%).

Noreco will be pleased to provide a further production update at the company's 2Q presentation on 29 August.


Contact:

Ørjan Gjerde, CFO ( 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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