Noreco Reports 3Q Production Results

Oil, NGL and gas production for the third quarter of 2007 for Norwegian Energy Company ASA (Noreco) was 10,350 boe/d.

The achieved average sales price was U.S. $71.5 per boe, including gas and NGL and deduction of costs for oil price hedging.

Noreco's gross income from exploration and production activities in the third quarter was NOK 396.5 million.

The new Nini production well (NA 8) started production in August 2007 and has produced slightly above expectations. The leakage in the water injection pipeline from Siri to Stine Seg.1/Nini has been repaired and the pipeline is expected to be back in operation at slightly reduced pressure by mid November.

Further tests and work is performed and possible changes to the pipeline or its mode of operation awaits analysis of measuring results expected to be available in November/December 2007.

South Arne under balanced development drilling is currently being undertaken on two new wells, which are now expected to come on stream in October 2007.

Arrival of the Ensco 70 rig is delayed and it is now expected to start drilling of the first of two Siri in-fill wells early December 2007.

The forecasted 4Q 2007 production is in the range of 10 000 boe/d.

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