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NORECO Stavanger, 4 June 2008: Norwegian Energy Company ASA (Noreco, OSE:NOR), Noreco's oil, gas and NGL production for May 2008 was 11,300 barrels of oil equivalents per day. The average price achieved in May was 121 US$ per barrel oil equivalent after cost of put options.
The daily production of 11,300 barrels does not include any volumes from Noreco's recent acquisition of Talisman Oil Denmark Limited, which is expected to be completed later this month.
Production in May remained strong across the company's 7 producing fields. At the Siri field in Denmark, the production in May was approximately 12,500 barrels per day gross (of which Noreco currently has 20%, and will have 50% upon completion of the abovementioned acquisition). The first of two production wells at Siri started up in May, and a further production well is currently being drilled.
Production for the first five months of the year is ahead of plan. Noreco will assess the production levels over the summer, when maintenance shut downs are planned for some of the fields, before any revisions to the production guidance for 2008 is made.
Oil prices remain very strong, and the average net price per barrel achieved for the month was 121 US$).
The production volumes are preliminary and are subject to adjustments, including final allocations between fields, quality adjustments and prices. The average prices stated are per barrel of oil equivalents after cost of put options.
For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)
