Production March 2015

Stavanger, 8 April 2015: Net production for Norwegian Energy Company ASA (Noreco) in March 2015 is estimated at 2 524 barrels of oil equivalents (boe) per day.

Net realised price in March was USD 49.8 per boe (USD 52.7 per barrel of oil) after adjustments for inventory, NGL and gas prices.

For the first quarter 2015 production was 3 236 barrels of oil equivalents per day (boepd) at an average net realised price of USD 49.7 per boe (USD 51.9 per barrel of oil).

Production per field in March 2015 (February 2015 in brackets):
All in boepd

Huntington – 2 018 (1 828)
Nini – *
Cecilie – *
Oselvar – 453 (458)
Lulita – 52 (139)
Enoch – 0 (0)
Total – 2 524 (2 752)

* As previously reported, Noreco is precluded from receiving production data from the Nini and Cecilie fields in Denmark.

Huntington production in March was stable but restricted to approximately 2 018 boepd net to Noreco due to technical issues at the CATS gas export system, as previously reported. According to the operator, the CATS riser platform has been repaired, but Huntington’s access to the export system remains partly and temporarily restricted whilst waiting for other gas exporters to come on line.

The Oselvar field reported stable performance through March. At the Enoch field restart procedures have commenced, and the field is expected to resume normal production in April 2015.

Contact:
E-mail: investorrelations@noreco.com

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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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.