February 2010 production
(Thomson Reuters ONE) -
Stavanger, 8 March 2010, Norwegian Energy Company ASA (Noreco, OSE:NOR):
Noreco's oil and gas production in February 2010 was 13,750 barrels of oil
equivalents (boe) per day. Net realized oil price was USD 73 per boe after
adjustments for oil put options, inventory and NGL and gas prices.
The Siri field produced 9,600 boe/day (4,800 boe/day net to Noreco), while Nini
produced 7,000 boe/day (2,100 net) in February. The performance for both fields
was positively impacted by flush production following the recent five-month
shutdown. In addition, Nini's production benefited from the startup of a new
production well and a water injector in the Ty reservoir.
The Cecilie field was restarted in February and initial production volumes were
low due to limited allocation of gas lift capacity in the startup phase. Average
production for the month was 500 boe/day (300 net). The field is currently
producing in the order of 1,000 boe/day (600 net).
Nini East was brought on stream on 24 February, consequently its contribution to
the average production in February was marginal. The field is currently
producing in the order of 7,000 boe/day (2,100 net) and is expected to reach
levels of around 10,000 boe/day (3,000 net) when at full capacity.
Brage production was stable at 36,900 boe/day (4,500 net). A new infill well in
the Statfjord reservoir was brought on stream at the end of the month. Drilling
of the next infill well is ongoing and is expected to be completed in the second
quarter this year.
South Arne production increased to 22,300 boe/day (1,450 net), up 15% from
January due to higher regularity. The drilling of two new production wells is
progressing according to plan, and both wells are expected be brought on stream
in the third quarter.
Net production to Noreco from the fields Enoch and Lulita was 275 and 200
boe/day respectively.
Production volumes and prices are preliminary and are subject to adjustments,
including final allocations between fields, quality adjustments and prices.
Contacts:
Scott Kerr, CEO (+47 99 28 38 90)
Einar Gjelsvik, VP Strategy & IR (+47 99 28 38 56)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1391259]
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Datum: 08.03.2010 - 02:30 Uhr
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