Production November 2012

Stavanger, 6 December 2012: Norwegian Energy Company (Noreco) in November 2012 produced 3,479 barrels of oil equivalents (boe) per day. Net realised price in November was USD 106 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production per field, November 2012 (boe per day):
Nini East – 2,399
Nini – 475
Oselvar – 271
Lulita – 215
Cecilie – 119
Enoch – 0

Production from Oselvar was restarted late November after having been shut down since mid-September following a hydrocarbon leak at the host platform Ula.

At the Huntington field, hook-up of risers and completion and commissioning of the FPSO is now taking place. Two of the five risers have so far been installed. The exact timing of the remaining activities is dependent upon i.a. weather conditions. As previously announced, expected timing of first oil has moved to first quarter 2013.

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