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Production May 2011

June 8, 2011 - London

Stavanger, 8 June 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) in May 2011 produced 10,150 barrels of oil equivalents (boe) per day. Net realized oil price was USD 105 per boe after adjustments for oil put options, inventory and NGL and gas prices.

Total production from the Siri area fields in May was about 17,375 boe/day (6,225 boe/day net to Noreco). Noreco's equity production per field: Siri 1,825 boe/day, Nini East 2,925 boe/day, Nini 925 boe/day, Cecilie 550 boe/day.

Brage produced on average around 16,000 boe/day (1,950 net) in May. A planned maintenance stop was initiated on 18 May and continued into early June. Noreco in May entered an agreement to sell its share in the Brage field.

South Arne production was around 22,000 boe/day (1,475 net).

Net production to Noreco from each of the Lulita and Enoch fields was 350 and 150 boe/day respectively.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)


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Source: NORECO via Thomson Reuters ONE



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