Production June 2014
Stavanger, 8 July 2014: Norwegian Energy Company (Noreco) in June 2014 produced 7 350 barrels of oil equivalents per day (boepd) on average. Net realised price in June was USD 103.5 per barrel of oil equivalents (USD 111.5 per barrel of oil) after adjustments for inventory, NGL and gas prices.
For the second quarter 2014 production was 5 763 (6 965 in Q1) boepd at an average net realised price of USD 101.5 per boe (USD 110.8 per barrel of oil).
Production per field, June 2014 (May 2014 in brackets)
All volumes in boepd
Huntington – 4 390 (2 845)
Cecilie – 39 (0)
Nini – 2 305 (928)
Oselvar – 615 (522)
Lulita – 0 (263)
Enoch – 0 (0)
Total – 7 350 (4 558)
The Huntington field had steady production through June and a daily average output which was up from the previous month but still below the plateau level of 6 400 boepd. The CATS gas export system summer maintenance programme is well underway. It is scheduled to complete in mid August as previously informed. The programme has resulted in occasional production restrictions, which may continue to occur during the rest of this period. An unplanned shut-down of the platform systems at 26 June resulted in a period with no or significantly reduced production while the compressors on board were restarted. This issue was resolved yesterday afternoon, and production is now ramping up.
Production at the Nini field resumed in June after planned shut down in May. Towards the end of the month, the Cecilie field also came back on stream, however still at unstable and low levels. The temporary production solution at the Siri Fairway which involves production direct to tanker will remain sensitive to weather conditions, but continues to perform better than initially anticipated.
The Oselvar field produced well and with no significant incidents during June. The Lulita field was shut down throughout the month due to planned annual maintenance of the export system through the Harald and Tyra fields and the planned summer shut down on Harald. The operator expects that the field will be back on stream in mid-July.
According to the operator the Enoch field is now expected to restart production towards the end of the third quarter or early in the fourth 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