Noreco: Publication of Annual Statement of Reserves
Oslo, 25 March 2022: Norwegian Energy Company ASA (“Noreco” or the “Company”) is pleased to announce its Annual Statement of Reserves, with proven plus probable net reserves (2P reserves) of 200 million barrels of oil equivalent (MMboe) as per 31 December 2021 compared to 201 MMboe at the end of 2020. Following production net to Noreco of 10 MMboe in 2021, the upward reserve revision at the end of the year has been driven by strong underlying production performance and represents a reserve replacement ratio close to 100 percent on the producing hubs. The Reserves Report is attached