Production May 2015

Stavanger, 4 June 2015: Net production for Norwegian Energy Company ASA (Noreco) in May 2015 is estimated at 5 046 barrels of oil equivalents (boe) per day.

Net realised price in May was USD 56 per boe (USD 61 per barrel of oil) after adjustments for inventory, NGL and gas prices.

Production per field in May 2015 (April 2015 in brackets):

All in boepd
Huntington – 4 419 (4 615)  
Nini – *
Cecilie – *
Oselvar – 380 (411)  
Lulita – 246 (285)  
Total – 5 046 (5 310)

* As previously reported, Noreco is in breach of licence agreements for the Nini and Cecilie fields in Denmark.

The Huntington field production has been stable throughout May, only interrupted by a 24-hour planned maintenance shutdown. Production levels at the Huntington field will continue to depend on access to the CATS gas export system. Production may be reduced in June and July this year while planned maintenance is being undertaken at the CATS gas receiving terminal.

The Lulita field reported stable production through most of May. The Oselvar field reported stable performance through May, only interrupted by two short production shutdowns. The start-up of the Enoch field has been further delayed due to operational issues on the host platform Brae. The field is now expected to resume normal production in Q3 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. Noreco was incorporated in 2005 and operates in Norway, Denmark and United Kingdom. The company’s stock is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.