Production March 2011
Stavanger, 6 April 2011: Norwegian Energy Company ASA (Noreco, OSE:NOR) in March 2011 produced 9,925 barrels of oil equivalents (boe) per day. Net realized oil price was USD 111.5 per boe after adjustments for oil put options, inventory and NGL and gas prices.
Total production from the Siri area fields in March was about 15,725 boe/day (5,775 boe/day net to Noreco). Drilling of the new water injection well NB-4 on Nini East was recently completed, and will be used to increase pressure in the reservoir and contribute to increased production over time. Noreco's equity production per field: Siri 1,825 boe/day, Nini East 2,025 boe/day, Nini 1,275 boe/day, Cecilie 650 boe/day.
Brage produced around 17,500 boe/day (2,100 net) in March. Due to flare pipe inspection and repairs, production was deferred by 10 days. Drilling of well A-14 A (Arran), a combined exploration and production well which started in December, is still ongoing.
South Arne production was around 25,000 boe/day (1,700 net).
Net production to Noreco from each of the Lulita and Enoch fields was 225 and 125 boe/day respectively.
Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.
Kjetil Bakken, VP Strategy and Investor Relations (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)