Production February 2014
Stavanger, 4 March 2014: Norwegian Energy Company (Noreco) in February 2014 produced 8 692 barrels of oil equivalents per day (boepd) on average. Net realised prices in February were USD102.9 per barrel of oil equivalents (USD 108.9 per barrel of oil) after adjustments for inventory, NGL and gas prices.
Production per field, February 2014 (January 2014 in brackets):
All volumes in boepd
Huntington – 5 701 (2 766)
Cecilie – 0 (0)
Nini – 2 245 (0)
Oselvar – 414 (620)
Lulita – 332 (368)
Enoch – 0 (0)
Total – 8 692 (3 754)
Noreco production performance in February has been strong, mainly due to high production rates and uptime at Huntington and high production rates at the Nini field.
Huntington production in February averaged approximately 28 000 boepd (5 600 boepd net to Noreco) with only short periods of interruption, primarily due to weather.
Production at Nini (comprising Nini and Nini East) resumed early February after a shut-down period of more than six months. Pressure has built up, giving high initial production volumes (flush production), some days exceeding 4 000 boepd net to Noreco.
As previously informed, regularity and output from the Nini-field is expected to be lower than before the shut-down, as the temporary production solution involves direct loading to tanker, which is more sensitive to wind and wave conditions. The approval by Danish authorities of the temporary production arrangement is valid until 1 April 2014. An extension application was submitted 18 February 2014.
According to the operator DONG Energy the Cecilie field is not likely to restart until late second quarter.
Output from the Oselvar field was stable above 700 boepd net to Noreco until production had to shut in for 12 days due to technical issues related to the flare stack at the Ula platform.
The Lulita field has produced broadly in line with expectations, and as stated before restart at the Enoch field is scheduled for second quarter.
Contact:
Ørjan Gjerde, CFO (0047 900 35 738)
This information is subject of the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act
***
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 license rounds, successful exploration and acquisitions. Noreco operates in Norway, Denmark and United Kingdom, and employs around 55 oil and gas professionals. Noreco is listed on the Oslo Børs (ticker NOR).
For further information, please visit: www.noreco.com