Production November 2010

Bullet

Stavanger, 6 December 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) in November 2010 produced 11,575 barrels of oil equivalents (boe) per day. Net realized oil price was USD 82 per boe after adjustments for oil put options, inventory and NGL and gas prices. 

Total production from the Siri area fields in November was about 14,500 boe/day (5,450 boe/day net to Noreco). The SCB-1 production well remained shut in throughout the month, and another attempt to repair the well is scheduled in December. Noreco's equity production per field: Siri 2,025 boe/day, Nini East 1,800 boe/day, Nini 1,100 boe/day, Cecilie 525 boe/day.

Brage produced around 29,000 boe/day (2,600 net) in November with high regularity. The new production well A-19 was brought on stream 30 October and has been producing in line with expectations. 

South Arne production was close to 30,000 boe/day (1,950 net). The increase comes mainly from the two new production wells which were brought on stream in October. 

Net production to Noreco from the Lulita and Enoch fields was 400 and 150 boe/day respectively. 

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

For further information, please contact:
Scott Kerr, CEO (+47 99 28 38 90)
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)

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