Noreco Capital Markets Day 2010: Prepared for continued growth
(Thomson Reuters ONE) - Stavanger, 28 January 2010: Noreco (OSE: NOR) enters 2010 with a solid basis forcontinued growth in production and reserves. The company has an excitingportfolio of exploration opportunities which will be tested over the comingyears, and is involved in several development projects that will substantiallyincrease oil and gas production. An improved capital structure and a growingportfolio of producing fields provide a sound financial platform for realizingthese growth opportunities."Noreco's business model has been through a tough test in 2009, a test which Iam proud to say we have passed. We have continued to deliver explorationsuccess, we managed to refinance and strengthen our capital base, our oil pricehedging and extensive insurance program proved useful, and maybe mostimportantly we have been able to further expand our staff of highly competentpeople," says Noreco's CEO Scott Kerr.The Norwegian independent E&P company remains optimistic about the long-termprospects for oil and energy."Global oil reserves are declining, and there is a constant need to find anddevelop new oil fields to meet a demand which we believe will continue to growas the world economy moves ahead," Kerr says.Noreco's Capital Markets Day includes the following highlights:· Estimated 2010 production is 13-14,000 barrels of oil equivalents perday. This estimate reflects normal regularity and is adjusted for the fact thatthe Siri area fields were not restarted until ultimo January.· Noreco plans to participate in six exploration and appraisal wells onthe Norwegian Continental Shelf in 2010. The total exploration budget amounts toaround NOK 1.1 billion (pre tax).· The company's investment program for 2010 amounts to around NOK 700million, equally split between new field developments and existing fields.· Proven and probable oil and gas reserves (2P) per end-2009 areestimated to 37 million barrels of oil equivalents (boe), up from 32.6 millionboe in 2008, representing a reserve replacement ratio of around 200%. The mainaddition to the reserve base in 2009 was the Oselvar field.· Noreco provides a comprehensive overview of its explorationportfolio, including a detailed break-down of prospective resources per licencewhich now totals 558 million boe, an increase of 24% from the previous estimate.Capital Markets DayNoreco's presentation and supplementary analytical information is attached andmay be downloaded from www.noreco.com
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Datum: 28.01.2010 - 03:56 Uhr
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