Operational update

Stavanger, 16 November 2012: Norwegian Energy Company ASA (Noreco) would like to provide the following update on its operational activities.

The FPSO Voyageur Spirit has been on location at the Huntington field in the UK North Sea since 3 October 2012. Hook-up of risers, and completion and commissioning of the FPSO is now taking place. The exact timing of the start-up activities is dependent upon i.a. weather conditions, and the expected timing of first oil has been moved from fourth quarter 2012 to first quarter 2013. Noreco has 20 percent interest in Huntington, which is operated by E.ON.

As previously announced, production from the Oselvar field in the Norwegian North Sea was shut down in September following an incident on the host platform Ula. The operator plans to restart Ula this weekend, and Oselvar will be restarted shortly thereafter. Noreco has 15 percent interest in Oselvar, which is operated by DONG Energy.

Noreco will present its third quarter 2012 results on Thursday 22 November 2012.

Contacts:
Einar Gjelsvik, CEO ( +47 992 83 856)
Kjetil Bakken, VP Investor Relations (+ 47 91 889 889) 

This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act

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