Production December 2010

 Stavanger, 6 January 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) in December 2010 produced 9,950 barrels of oil equivalents (boe) per day. For the year 2010 the average production was 11,275 boe per day. Net realized oil price in December was USD 91 per boe after adjustments for oil put options, inventory and NGL and gas prices. 

Total production from the Siri area fields in December was about 13,500 boe/day (4,825 boe/day net to Noreco). The attempt to repair the SCB-1 well was unsuccessful, and the operator is currently evaluating new measures to bring the well back on stream. Noreco's equity production per field: Siri 1,600 boe/day, Nini East 1,775 boe/day, Nini 1,125 boe/day, Cecilie 325 boe/day. 

Brage produced around 26,500 boe/day (3,225 net) in December. Drilling of well A-14 A (Arran), which is a combined exploration and production well in the Brent formation, started in December. 

South Arne production was around 24,500 boe/day (1,600 net).  

Net production to Noreco from each of the Lulita and Enoch fields was 150 boe/day. 

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices. 

For further information, please contact:

Scott Kerr, CEO (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)