Production January 2014

Stavanger, 7 February 2014: Norwegian Energy Company (Noreco) in January 2014 produced 3 754 barrels of oil equivalents per day (boepd). Net realised price in January was USD 98.9 per barrel of oil equivalents (USD 108.3 per barrel of oil) after adjustments for inventory, NGL and gas prices.

Production per field, January 2014 (December 2013 in brackets):
All in boepd

Huntington – 2 766 (4 285)
Cecilie – 0 (0)
Nini – 0 (0)
Oselvar – 620 (735)
Lulita – 368 (248)
Enoch – 0 (0)
Total – 3 754 (5 269)

As previously reported Huntington output in January was lower than expected mainly due to continued adverse weather across the North Sea which delayed off-loading of crude to shuttle tanker. Production resumed at the end of the month.

Production at Nini (comprising Nini and Nini East) resumed early February. As previously explained regularity and output from the field is expected to be lower than before the shut-down, as the temporary production solution involves direct loading to tanker, which is more sensitive to wind and wave conditions at the fields. According to the operator DONG Energy, the Cecilie field is not likely to restart until the second quarter.

Output from the Oselvar and Lulita fields was mainly in line with expectations, and as stated before restart at the Enoch field is scheduled for Q2.

Contact:
Ørjan Gjerde, CFO (0047 900 35 738)

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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

For further information, please visit: www.noreco.com