- Huntington represents a significant value creation opportunity for Noreco, and we are eager to move this field forward to development. The FPSO concept allows for an early production startup, and gives good flexibility to optimize production and to access additional resources from the deeper reservoirs. With Huntington on stream, we will achieve a higher and more robust production, says Noreco's CEO Scott Kerr.

This first phase of the Huntington field development covers the Forties reservoir which was discovered and delineated in 2007. Noreco's estimate for recoverable reserves for the first five years of production is 41 million barrels of oil equivalents, of which 90 % is oil.

The plan is to produce the Huntington field from the FPSO Sevan Voyageur with 3-4 production wells and 1-2 water injectors. The production facilities will have a production capacity of 30,000 barrels of oil per day. Produced oil will be stored in the FPSO's integrated tanks before it is shipped to the market with shuttle tankers, while natural gas will be exported via pipeline. With the early availability of the Sevan unit, first oil is currently targeted to fourth quarter 2011.

In addition to the Forties reservoir, there is also a significant discovery in the deeper Fulmar formation, which needs to be further appraised before a development decision can be made. However, the availability of an FPSO at the field creates an opportunity to develop the Fulmar discovery in a rapid and cost efficient way.

The Huntington field is located in licence P1114 in the UK part of the Central North Sea. E.ON Ruhrgas UK E&P is the operator and owns 25% of the licence. Noreco owns 20%. Other partners are Premier (40%) and Carrizo Oil & Gas, Inc. (15%).

For further information, please contact:
Scott Kerr, CEO (+47 99 28 38 90)
Einar Gjelsvik, VP Strategy & IR (+47 99 28 38 56)

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)