Trading Update
Stavanger, 25 July 2013 – Reference is made to Update dated 18 July this year. Noreco has received updated information as follows regarding the Nini, Nini East, Cecilie and Oselvar fields.
As previously reported the operator at the Danish Siri field informed Noreco that the field will be shut down for a period of time. Noreco has no ownership interest in the Siri field and the installations at this field. Oil from the Nini, Nini East and Cecilie field is however normally processed, stored and shipped by tanker from the Siri platform. Until production resumes at Siri, the Nini, Nini East and Cecilie fields will also be shut down. In the first six months this year, Noreco’s share of combined production from these three fields was 2,893 barrels of oil per day.
According to the Siri field operator a new crack has been discovered in a bulkhead inside the tank sponson (riser support structure in connection with the storage tank) at the Siri platform and an intervention will be required. The operator is working to restart operation of the facilities as soon as possible, but can not currently provide an estimate of when this will be.
As previously reported, the Oselvar field on the Norwegian continental shelf has been shut down since late May this year, following planned maintenance at the Ekofisk and Ula fields. Restart of production has been somewhat delayed, but according to the operator production is expected to start this coming weekend.
Contact:
Ørjan Gjerde, CFO, Tel: +47 900 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.
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