Production May 2014
Stavanger, 5 June 2014: Norwegian Energy Company (Noreco) in May 2014 produced 4 558 barrels of oil equivalents per day (boepd) on average. Net realised price in May was USD 99.9 per barrel of oil equivalents (USD 109.7 per barrel of oil) after adjustments for inventory, NGL and gas prices.
Production per field, May 2014 (April 2014 in brackets):
All volumes in boepd
Huntington – 2 845 (2 338)
Cecilie – 0 (0)
Nini – 928 (2 052)
Oselvar – 522 (508)
Lulita – 263 (347)
Enoch – 0 (0)
Total – 4 558 (5 246)
As previously informed, production from the Huntington field in the UK resumed on 11 May. The CATS gas export system summer maintenance program will start shortly with duration until mid August. The program involves shut-down of one of the two processing trains at the CATS Teesside terminal. Depending on the throughput at the terminal Huntington may be subject to occasional production restrictions during this period.
Also as previously reported, May production from the Siri Fairway fields was somewhat reduced due to Siri platform repair work and well work-over at Nini. The temporary production solution at the Siri Fairway which involves production direct to tanker will remain sensitive to weather conditions, but has so far performed better than expected.
May output from the Oselvar field was reduced due to a 6-day shutdown for repair of the subsea control module. Production resumed on 25 May.
The Lulita field performed well in May, although production in the beginning of the month and towards the end of the month was somewhat affected by minor shut-downs at the Harald field nearby. The Lulita field is expected to close between 9-20 June for annual maintenance of the export system through the Harald and Tyra fields.
According to the operators, the Cecilie and Enoch fields are expected to restart production towards the end of the second quarter and in the third quarter respectively.
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
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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 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