Second quarter oil and gas production>
Second quarter oil and gas production
(Thomson Reuters ONE) - Stavanger, 8 July, 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR), Noreco's production in the second quarter of 2009 was11,500 barrels oil equivalents per day.The production in June was impacted by the annual, scheduledmaintenance shut downs on the Brage field in Norway (approximately 14days) and the fields in the Siri area in Denmark (approximately 5days). All fields are now producing at full rates.The production in the first half of the 2009 was 12 550 barrels perday. Production in the second half of the year is expected toincrease due to the start up of new wells and the new field NiniEast. The development of the Nini East field is progressingaccording to plan, and will increase Noreco's production by more than3000 barrels per day when the field starts production in the secondhalf of 2009. The key risks and opportunities to the delivery ofNoreco's production guidance for 2009 are startup of Nini East,regularity on the fields, and drilling performance on theproduction/infill wells.The achieved price for the quarter and the first half of 2009 was 60US$ and 58 US$ per barrel of oil equivalents, respectively. The netachieved price of reflects Noreco's oil price put options at 50 and75 US$ per barrel as well as adjustments for inventory and NGL andgas prices.The production volumes are preliminary and are subject toadjustments, including final allocations between fields, qualityadjustments and prices.For further information, please contact:Scott Kerr, CEO (+47 992 83 890)Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 08.07.2009 - 10:49 Uhr
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