Production February 2015
Stavanger, 9 March 2015: Net production for Norwegian Energy Company ASA (Noreco) in February 2015 is estimated at 2 752 barrels of oil equivalents (boe) per day. Net realised price in February was USD 61.9 per boe (USD 65.9 per barrel of oil) after adjustments for inventory, NGL and gas prices.
The lower than usual daily average production for the month reflects that Noreco was in default under several licence agreements in the period.
Production per field, February 2015 (January 2015 in brackets):
All in boed
Huntington – 1 828 (1 506)
Nini – 0 (1 846)
Cecilie – 327 (429)
Oselvar – 458 (456)
Lulita –139 (116)
Enoch – 0 (0)
Total – 2 752 (4 353)
As previously reported, Noreco was prevented from making payments for its share of production costs at the producing fields in Denmark (Nini, Cecilie and Lulita) and the United Kingdom (Huntington). The company was consequently in breach of the respective licence agreements and cut off from receiving further information about performance at the fields. Noreco’s share of production for this period is therefore preliminary and may be subject to change.
By the end of February, Noreco made the required payment to the Huntington licence, and the situation at Huntington is therefore restored to normal. Huntington production in February was stable but restricted to approximately 1 900 bopd net to Noreco due to technical issues at the CATS gas export system, as previously reported. According to the operator, the CATS riser platform may return to normal operation in March.
The Oselvar field reported stable performance through February. Restart of the Enoch field is expected in March 2015.
Contact:
E-mail: investorrelations@noreco.com
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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 licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 47 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.