April production
Stavanger, 12 May 2009: Norwegian Energy Company ASA (Noreco - OSE:NOR), Noreco's production in April was 12,975 barrels oil equivalents per day, up 17 percent compared to the same month last year.
The production is in line with Noreco's production guidance of an average daily production of 14,000 barrels of oil equivalents for 2009.
The production on the Siri field was reduced in April due to shut-in of a major producing well in the beginning of the month, and 3 days of unplanned shutdowns. The shut-in well was back in full production from the 6th April. On the Brage Field, gas injection into the Sognefjord reservoir started for in April. This reduced the gas export from the Brage Field in April, but will contribute to increased oil production later in the year. Drilling is ongoing at Brage and Nini to increase the production from the fields. The Nini East development is progressing according to plan, and will add in excess of 3000 barrels per day to Noreco's production when the field starts production in Q4 2009.
The achieved price in April was USD 55 per barrel of oil equivalent (boe), including a gain from hedging of USD 6.3 per boeThe net achieved price reflects Noreco's oil price put options at USD 50 and 75 per barrel as well as adjustments for inventory and NGL and gas prices.
The production volumes are preliminary and are subject to adjustments, including final allocations between fields, quality adjustments and prices.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)