Production January 2011

 Stavanger, 8 February 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) in January 2011 produced 10,175 barrels of oil equivalents (boe) per day. Net realized oil price was USD 96 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Total production from the Siri area fields in January was about 13,300 boe/day (4,900 boe/day net to Noreco). The upgrade of the gas compressor on the Siri platform was succesful and the shut down was less extensive than anticipated. Noreco's equity production per field: Siri 1,850 boe/day, Nini East 1,550 boe/day, Nini 1,175 boe/day, Cecilie 325 boe/day. 

Brage produced around 25,650 boe/day (3,175 net) in January. Drilling of well A-14 A (Arran), which is a combined exploration and production well in the Brent formation, started in December and is still ongoing. 

South Arne production was around 26,650 boe/day (1,750 net). 

Net production to Noreco from each of the Lulita and Enoch fields was 225 and 125 boe/day respectively. 

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)