Production December 2014
Stavanger, 8 January 2015: Norwegian Energy Company ASA (Noreco) in December 2014 produced 3 955 barrels of oil equivalents (boe) per day. Net realised price in December was USD 51.7 per boe (USD 54.5 per barrel of oil) after adjustments for inventory, NGL and gas prices.
For the fourth quarter 2014, production was 3 548 boe per day at an average net realised price of USD 65.2 per boe (USD 68.3 per barrel of oil), while production for the year 2014 was 5 499 boe per day at an average net realised price of USD 92.1 per boe (USD 99.0 per barrel of oil).
Production per field, December 2014 (November 2014 in brackets):
All in boed
Huntington – 678 (53)
Nini – 2 214 (2 104)
Cecilie – 368 (310)
Oselvar – 497 (459)
Lulita – 198 (43)
Enoch – 0 (0)
Total – 3 955 (2 969)
In mid-December Huntington returned to a stable but restricted production level of 1 500 boed net to Noreco. Currently no further clarification has been received about when normal operations at the CATS riser platform, which indirectly restricts Huntington output, will resume.
The Siri Fairway fields Nini and Cecilie, and the Oselvar fields all reported stable performance through December. The Lulita field was shut for approximately one week in December due to water treatment issues at the nearby Harald field. The same issue caused the low Lulita output in November.
As previously announced, restart of the Enoch field has been delayed until first quarter 2015.
Contact:
E-mail: investorrelations@noreco.com
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
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About Norwegian Energy Company ASA
Noreco is an independent Norwegian oil company. The company's focus is to explore, develop and produce oil and gas in the North Sea region. Since incorporation in 2005, the company has grown through licensing rounds, exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs 49 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR). For further information, please visit: www.noreco.com.