Production April 2014
Stavanger, 5 May 2014: Norwegian Energy Company (Noreco) in April 2014 produced 5 246 barrels of oil equivalents per day (boepd) on average. Net realised price in April was USD 99.7 per barrel of oil equivalents (USD 110.3 per barrel of oil) after adjustments for inventory, NGL and gas prices.
Production per field, April 2014 (March 2014 in brackets):
All volumes in boepd
Huntington – 2 338 (5 573)
Cecilie – 0 (0)
Nini – 2 052 (2 079)
Oselvar – 508 (673)
Lulita – 347 (289)
Enoch – 0 (0)
Total – 5 246 (8 615)
Production from the Huntington field in the UK was interrupted on 12 April. Several couplings that are part of the inert gas system on the floating production and storage unit required replacement. This work was completed and production resumed on 25 April. Due to an unplanned shutdown of the CATS riser platform, Huntington and a number of other fields producing through the system were shut-in from 26 April. The CATS operator has informed that the restricted section of the system is expected to open before 10 May 2014. Stabilising Huntington production at plateau level remains the key focus of the operator and the partnership.
The temporary production solution at the Siri Fairway which involves production direct to tanker, has worked well. Daily average output from the Nini field has remained above 2 000 boepd to Noreco through April, in spite of sensitivity to weather conditions. Meanwhile, production in May will be somewhat reduced due to Siri repair work and well work-over at Nini.
April output from the Oselvar field was reduced due to a one week shutdown caused by well communication issues, resulting in 508 boepd net to Noreco. The Lulita field has produced in line with expectations.
According to the operators, the Cecilie and Enoch fields are expected to restart production late in the second quarter.
Contact:
Ørjan Gjerde, CFO (0047 900 35 738)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
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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 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com