Important milestones for Oselvar and Nini East
Stavanger 19 June 2009: Norwegian Energy Company ASA (Noreco - OSE:NOR), Noreco today announces that key milestones for ongoing developments have been met. Norwegian authorities today approved the plan of development and operation for the Oselvar development, where Noreco has a 15% interest. On the Nini East development in Denmark, the platform has been installed, and production will start in the second half of 2009.
- Noreco has a large portfolio of oil and gas discoveries, and maturing and creating value from these discoveries is an important part of our business model. The milestones met today are good examples of the progress we are making on this area, and we will continue to create value in our discoveries going forward, says CEO Scott Kerr.
Noreco has a portfolio of over 20 discoveries, in addition to 7 producing fields and in excess of 50 exploration licenses.
Facts about Oselvar
The Oselvar field is expected to start producing in 2011, and will increase Noreco's production by 2700 barrels of oil equivalents (boe) per day. The reserves of the development are 52 million boe. Noreco's share is 7.8 million barrels (3.7 million barrels of oil and 4.1 million boe of gas) This excludes any contribution from the Ipswich discovery, which has add-on potential. There is also further exploration potential from identified prospects in the license. Dong is the operator of Oselvar.
Facts about Nini East
The Nini East platform has been successfully installed, see attached picture, and the development is progressing as planned. The Nini East development is progressing as planned, and the field will add more than 3000 barrels per day to Noreco's production when the field starts production in the second half of 2009. Noreco has at 30% share of Nini East and Dong is the operator.
For further information, please contact:
Scott Kerr, CEO (+47 992 83 890)
Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)