Production September 2014

Stavanger, 3 October 2014: Norwegian Energy Company ASA (Noreco) in September 2014 produced 7 427 barrels of oil equivalents per day (boepd) on average. Net realised price in September was USD 85.7 per barrel of oil equivalents (USD 92.4 per barrel of oil) after adjustments for inventory, NGL and gas prices.

For the third quarter 2014 production was 5 755 boepd at an average net realised price of USD 89.0 per boe (USD 96.9 per barrel of oil).

Production per field, September 2014 (August 2014 in brackets)
All volumes in boepd

Huntington – 4 801 (451)
Cecilie – 286 (34)
Nini – 1 529 (1 516)
Oselvar – 442 (560)
Lulita – 369 (214)
Enoch – 0 (0)
Total – 7 427 (2 775)

Production at the Huntington field resumed regular production on 5 September and the field produced between 5,000 and 6,000 boepd through the rest of the month. As reported before, new gas export restrictions were imposed from 1 October. These are expected to last until 5 December 2014. See announcement on 1 October 2014 for further details.

Production at the Nini and Cecilie field, which is processed and transported over the Siri platform, was stable through September, with some short periods of downtime. The use of the subsea storage tank at Siri resumed 25 September 2014. The temporary solution with production directly to shuttle tanker has been terminated.

The Oselvar field was shut down from 15 September for planned annual integrity testing at the nearby Ula field. After replacement of emergency shutdown valves at Ula, Oselvar was back on stream on 22 September.

Lulita field production was good and higher than normal through September. The Enoch field is expected back on stream in the fourth quarter, according to the operator.

Contact:
Tommy Sundt, CFO. Tel.: 47 992 83 900
Geir Arne Drangeid, IR contact. Tel.: 47 913 10 458 

Or email: investorrelations@noreco.com

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 licencing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 53 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.