Noreco Production Update

Net production for Norwegian Energy Company ASA (Noreco) in July 2015 is estimated at 3,060 barrels of oil equivalents (boe) per day.

Net realised price in July was USD 47.7 per boe (USD 49.6 per barrel of oil) after adjustments for inventory, NGL and gas prices.

Production per field in July 2015 (June 2015 in brackets):

All in boepd
Huntington – 3 017 (3 559)
Oselvar – 37 (444)
Lulita – 7 (317)
Total – 3 060 (4 320)

The Huntington field production has been relatively stable throughout July. The CATS onshore summer slowdown (scheduled for June and July 2015) has had no impact on Huntington production.

The Lulita field has been closed in since early July due to technical problems. The duration of the shut down is presently unknown. Reported July production for Lulita is based on an equity share of 10 per cent, i.e. post the transaction announced on 2 July 2015.

The Oselvar field has been closed for most of the month due to planned summer shut down and is still shut in. As reported on 1 July 2015, Noreco’s interest in the field has been sold with effect from 1 January 2015. Noreco will continue to report Oselvar production and revenue until completion of this transaction.