Production update as per mid-September

Stavanger, 23 September 2013 – Norwegian Energy Company (Noreco) continues to record unstable production levels at its Huntington and Oselvar fields, which were both shut-in during parts of August.

At the Huntington field the issues are mainly related to the British pipeline system Central Area Transmission System (CATS), which is operated by BP and which is used for export of Huntington gas. Huntington will continue to produce at reduced capacity until the issues are solved. The CATS operator expects that the capacity restrictions will be lifted shortly.

Production from the Oselvar field remains unstable as a consequence of technical issues related to the commissioning of the new gas turbine, which was installed at the BP operated Ula platform in August. These issues are expected solved shortly.

Meanwhile, production from the Danish sector Lulita field restarted on 9 September. The field has been closed since April. There is still no firm date for when the Siri platform will be able to receive oil and gas from the Nini, Nini East and Cecilie fields.

As per 19 September, average daily production for Noreco was as follows:

Huntington – 3 922 (1 306)
Nini East – 0 (0)
Cecilie – 0 (0)
Nini – 0 (0)
Oselvar – 444 (253)
Lulita – 121 (0)
Enoch – 0 (0)
Total – 4 487 (1 559)

All production volumes above are in barrels of oil equivalents per day. Numbers in brackets are average output in August.

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 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).

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