Annual Statement of Reserves
Stavanger, 11 February 2013: Norwegian Energy Company ASA (Noreco) today publishes its Annual Statement of Reserves. The Noreco group’s total proven and probable (2P) oil and gas reserves at the end of 2012 were 21.9 million barrels of oil equivalents (mmboe), compared to 22.9 mmboe the year before. The group's net production for the year was 1.3 mmboe.
The reported reserve estimates are based on standard industry practices and methodology such as decline analysis, reservoir modelling and geological and geophysical analysis. The evaluations and assessments have been performed by engineers with extensive industry experience, and the methodology and results have been quality controlled as part of the company’s internal reserves estimation procedures. The 2P reserves estimate represents the expected outcome for the fields based on the performance observed to date, the company’s understanding of the fields and the planned activities in the licences.
A third party independent assessment has been performed by DeGolyer and MacNaughton on all of Noreco’s fields categorised as reserves. The assessment is based on input data provided by Noreco, as well as full access to subsurface data and licence documentation. DeGolyer and MacNaughton performed an independent review of reserves on this basis. The independent review concludes with a reserves estimate that is four percent higher than Noreco’s overall 2P estimate and hence serves as a verification of the company’s own reserves estimate.
The complete statement is attached in PDF format.
Kjetil Bakken, Investor Relations Manager ( +47 91 889 889)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company’s focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com