February oil and gas production
Stavanger, 4 March 2009: Norwegian Energy Company ASA (Noreco - OSE:NOR), Noreco's production in February was 14,600 barrels of oil equivalents per day, up 52 percent compared to the same month last year.
Noreco has over the last few months established a production level of around 15 000 barrels of oil equivalents per day, and is the second largest oil producer on the Oslo Stock Exchange.
The production in February was in line with Noreco's guidance for 2009. On the Nini field, oil production was reduced for one week in February as the drilling rig Maersk Resolute was started infill drilling on the field. The Brage field produced at reduced rates for two days, and the fields in the Siri area had a one day planned shut down in February. All fields are now producing at full rates.
The achieved price for the month was 56 US$ per barrel of oil equivalent. The North Sea oil reference price for February was 43 US$ per barrel. The net achieved price of reflects Noreco's oil price put options at 50 and 75 US$ 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)