Huntington at restricted rates, full production further delayed

Stavanger, 19 December 2014: Norwegian Energy Company ASA (Noreco) has been informed that a temporary approval has been granted to resume production at reduced rate at the Huntington field, and that the field is now on stream.

Until normal access to the CATS system has been restored, Noreco expects that daily production from Huntington will not exceed 1 500 boepd net to Noreco.

The CATS operator has not given any firm date for restart of normal operation of the CATS Systems, but indications are that it could be delayed to the end of January, possibly even longer.

It is difficult at this stage to guide on the exact cash flow implications for Noreco. It should be expected that the reduced production in the beginning of 2015 will be partly compensated by flush production when the field is back to normal.

Contact:
E-mail: 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.