Production October 2012

Stavanger, 9 November 2012: Norwegian Energy Company (Noreco) in October 2012 produced 1,714 barrels of oil equivalents (boe) per day. Net realised price in October was USD 103 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production per field, October 2012 (boe per day):
Nini East – 1,186
Lulita – 283
Nini – 215
Oselvar – 0
Cecilie – 30
Enoch – 0

Production from Oselvar was shut down on 12 September 2012 following an incident involving leak of hydrocarbons on the host platform Ula. The repairs have taken more time than anticipated. Based on the latest information from the operator, the start-up of Ula is now expected mid November.

Production from Nini East, Nini and Cecilie was low in October due to weak regularity at the host platform Siri.

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

About Us

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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