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Norwegian Energy Company ASA provide operational update

Thursday, Feb 14, 2013

Norwegian Energy Company ASA (Noreco) would like to provide the following update on its activities.

Noreco yesterday announced a successful unsecured bond issue of NOK 300 million. The rationale for the transaction was to take advantage of the good bond market to create flexibility and increase the liquidity buffers of the company. The bond matures in 2016 and the interest rate is 10.5 percent. Noreco’s long term objectives of reducing financial gearing and financing cost remains unchanged, and the company plans to make significant steps towards these objectives in 2013.

The Huntington field is expected to start producing during the first quarter 2013. The final activities towards first oil are in progress. These activities consist of subsea hook-up and testing, and commissioning of the production platform.

Huntington will together with improved regularity at the existing producing fields provide a significant production growth in 2013.

Noreco is currently involved in two exploration wells. The drilling of the Ogna well in Norway, operated by Lundin, started in January and is still ongoing. The Scotney well in UK, operated by Suncor, is expected to be spud within the next few days. After this, the next well on Noreco’s drilling program is the Lupin well in Norway, operated by Statoil, which is currently expected to start drilling in March.

Noreco has recently published its annual statement of reserves, showing proven and probable reserves (2P) of 21.9 million barrels oil equivalents as of 31.12.2012, which is a small underlying increase compared to the previous year after adjusting for the 2012 production.

As announced on 25 January this year, the process with the Financial Supervisory Authority of Norway has been completed. Noreco has corrected the accounting figures for 2011, which also will cause changes to the reported quarterly figures for 2012. These changes have no cash impact and have no consequences for the company’s financial position.

Source: Norwegian Energy Company ASA

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