Change of CFO in Noreco

Stavanger, 23 December 2010, Norwegian Energy Compan ASA (Noreco, OSE:NOR): Chief Financial Officer (CFO) Jan Nagell has resigned his position in Noreco, and will step down by 1 February 2011. The company has appointed Erik Borg as acting CFO from the same date.

Prospectus approved

Stavanger, 20 December 2010, Norwegian Energy Company ASA (Noreco): The Financial Supervisory Authority of Norway, as control authority, has received and approved a prospectus for Norwegian Energy Company ASA, NORECO ASA 10/13 FRN C, ISIN NO0010592306.

Barchan exploration well completed

Stavanger, 13 December 2010, Norwegian Energy Company ASA (Noreco): Drilling of the exploration well 3/8-1 on the Barchan prospect has been completed. The well did not encounter hydrocarbons. 

CORRECTION: Production November 2010

Production November 2010

Stavanger, 6 December 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) in November 2010 produced 11,575 barrels of oil equivalents (boe) per day. Net realized oil price was USD 82 per boe after adjustments for oil put options, inventory and NGL and gas prices. 

Dry well in the Norwegian Sea

Stavanger, 30 November 2010, Norwegian Energy Company ASA (Noreco, OSE:NOR): Drilling of the exploration well 6603/5-1S on the Dalsnuten prospect in license PL392 in the Norwegian Sea has been concluded. The well did not encounter reservoir rocks and was dry.

South Arne Phase 3 development project approved

Stavanger, 26 November 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) is pleased to announce that the owners of the South Arne field in Denmark have approved the Phase 3 development project, which will add approximately three million barrels oil equivalents of new reserves net to Noreco.

Result of arbitration received

Stavanger, 23 November 2010: Reference is made to the announcement of 22 March 2010 concerning an agreement between Norwegian Energy Company ASA (Noreco, OSE:NOR) and Norsk Tillitsmann ASA referring a disagreement regarding the conversion price in Noreco's NOK 218.5 million convertible bond loan with ISIN NO 001036883.0 (the “Convertible Bond”) to an arbitration panel.

Noreco successfully completes new bond issue

Stavanger, 18 November 2010: Norwegian Energy Company ASA (OSE:NOR) has successfully completed a new 3 year bond issue totaling NOK 700 million. The proceeds will be used to refinance the existing bond loan ALXO02 and for general corporate purposes.

Huntington field development plan approved by DECC

Stavanger, 16 November 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) is pleased to announce that the Field Development Plan for the Huntington field has been approved by the Department for Energy and Climate Change (DECC).