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Noreco's October production in line with increased guidance

Norwegian Energy Company ASA's oil, gas and NGL production in October 2008 was 13 300 barrels of oil equivalents per day.

- We continue to produce at a high level, and the production in October is in line with our guidance, says CEO Scott Kerr.

Noreco increased the guidance for 2008 production on 23 October 2008. Production from the portfolio of seven fields was 13 300 barrels of oil equivalents (boe) per day, in line with the guidance.

The strong production was underpinned by good underlying performance in the fields. In October, the producing fields in the Siri area (Siri, Nini and Cecilie) completed a seven day maintenance shut down according to plan. In addition, the production from the Enoch field was shut down (unplanned) for 11 days in October. On Brage, oil was discovered in the Knockandoo-Talisker exploration well. The well is now being completed and is expected to start production within two weeks.

Sale of oil in October was done at oil prices of 67 US$ per barrel. Noreco has put options for 75$/bbl, and the average net price per barrel oil equivalent achieved for the month will be adjusted for these put options as well as adjustments for oil inventory and NGL and gas prices.

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

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