Production July 2013
Stavanger, 5 August 2013: Norwegian Energy Company (Noreco) produced 3 874 barrels of oil equivalents (boe) per day in July 2013 (3 538 boe per day in June), and net realised price was USD 102.8 per boe adjusted for inventory.
Production per field in boe per day, July 2013:
Huntington – 2 344
Nini East – 1 267
Cecilie – 137
Nini – 125
Oselvar – 0
Lulita – 0
Enoch – 0
As previously reported, technical issues related to one of two gas compressor trains at the Huntington platform continuous to hamper ramp-up of production at the field. While these issues have not yet been resolved, production has increased in line with the operator’s estimate.
Also as reported before, production at the Nini, Nini East and Cecilie fields were shut down in July due to technical issues at the Siri field host platform. The operator is working to resolve the issue, but has still not given any estimate of when production can resume.
The Lulita field continues to be shut in due to an unsuccessful repair of an emergency shutdown valve in the Harald gas export pipeline. The operator has indicated that production is likely to restart in August or September this year.
Oselvar came back on stream on [2] August. The field was shut down throughout June due to planned Ekofisk and Ula maintenance, and in July due to unforeseen delays at Ula.
The Enoch field is still shut in pending maintenance work.
Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.
Contact:
Ørjan Gjerde, CFO, Tel: +47 900 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