Noreco Updates on UK and Norwegian Operations

Norwegian Energy Company ASA (Noreco) provides the following update on its operational activities.

The FPSO Voyageur Spirit has been on location at the Huntington field in the UK North Sea since 3 October 2012. Hook-up of risers, and completion and commissioning of the FPSO is now taking place. The exact timing of the start-up activities is dependent upon i.a. weather conditions, and the expected timing of first oil has been moved from fourth quarter 2012 to first quarter 2013. Noreco has 20 percent interest in Huntington, which is operated by E.ON.

As previously announced, production from the Oselvar field in the Norwegian North Sea was shut down in September following an incident on the host platform Ula. The operator plans to restart Ula this weekend, and Oselvar will be restarted shortly thereafter. Noreco has 15 percent interest in Oselvar, which is operated by DONG Energy.

Noreco will present its third quarter 2012 results on Thursday 22 November 2012.

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November 16, 2012