Production December 2012

Stavanger, 8 January 2013: Norwegian Energy Company (Noreco) in December 2012 produced 3,985 barrels of oil equivalents (boe) per day. Net realised price in December was USD 103 per boe after adjustments for oil put options, inventory, NGL and gas prices. For the fourth quarter 2012, production was 3,055 boe per day at an average net realised price of USD 104, while production for the year 2012 was 3,642 boe per day at an average net realised price of USD 104.

Production per field, December 2012 (boe per day):
Nini East – 2,123
Oselvar – 1,031
Nini – 316
Lulita – 261
Cecilie – 254
Enoch – 0

Nini East, Nini and Cecilie were shut down for five days due to weather related demanning of the Siri host platform. In addition, Cecilie and Nini were shut down for another week due to a technical problem on Siri.

Oselvar was shut down for six days due to a shut down of the Ula host platform.

At the Huntington field, hook-up of risers and completion and commissioning of the FPSO is now taking place. Four of the five risers have so far been installed. The exact timing of the remaining activities is dependent upon i.a. weather conditions.

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

Contact:
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