Production December 2013
Stavanger, 6 January 2014: Norwegian Energy Company (Noreco) in December 2013 produced 5 269 barrels of oil equivalents (boe) per day. Net realised price in December was USD 100.7 per boe (USD 110.3 per barrel of oil) after adjustments for inventory, NGL and gas prices
For the fourth quarter 2013, production was 4 628 boe per day at an average net realised price of USD 98.6 per boe (USD 108.9 per barrel of oil), while production for the year 2013 was 4 086 boe per day at an average net realised price of USD 102.1 per boe (USD 108.2 per barrel of oil).
Production per field, December 2013 (November 2013 in brackets):
All in boed
Huntington – 4 285 (3 813)
Nini East – 0 (0)
Cecilie – 0 (0)
Nini – 0 (0)
Oselvar – 735 (756)
Lulita – 248 (121)
Enoch – 0 (0)
Total – 5 269 (4 689)
In mid-December Huntington returned to plateau production of more than 32,000 boepd (6,400 boepd net to Noreco). Production was interrupted for several days during the Christmas week due to the production unit storage tanks being full and extreme weather preventing tanker connection for offloading. Production resumed before the end of the year and has averaged more than 30,000 boepd (6,000 boepd net to Noreco) over the past week.
Output from Oselvar and Lulita was fairly stable through the month of December. As stated before it is expected that Oselvar production will decline towards a normalised 600-700 boed level. The Lulita field was shut for a total of 15 days in November due to maintenance at the Harald field nearby.
According to DONG Energy which is the operator of the Siri Fairway fields, production at the Nini, Nini East and Cecilie fields may resume in the first quarter of 2014, but as explained in a statement to the market on 23 December 2013, output from the fields will be difficult to predict, especially in the harsh winter months.
The Enoch field which was closed for maintenance almost two years ago will most likely remain shut well into the second quarter this year. Output before shut-down was around 65 boe per day net to Noreco.
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 70 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com