Production March 2014
Stavanger, 4 April 2014: Norwegian Energy Company (Noreco) in March 2014 produced 8 615 barrels of oil equivalents per day (boepd) on average. Net realised prices in March were USD 98.3 per barrel of oil equivalents (USD 105.7 per barrel of oil) after adjustments for inventory, NGL and gas prices.
For the first quarter 2014 production was 6 965 boepd at an average net realised price of USD 100.2 per boe (USD 107.4 per barrel of oil).
Production per field, March 2014 (February 2014 in brackets):
All volumes in boepd
Huntington – 5 573 (5 701)
Cecilie – 0 (0)
Nini – 2 079 (2 245)
Oselvar – 673 (414)
Lulita – 289 (332)
Enoch – 0 (0)
Total – 8 615 (8 692)
Due to stable production close to plateau level at the Huntington field and high production rates at the Nini field, Noreco’s production remained high in March.
Huntington gross production averaged above 26 000 boepd. Production was interrupted for two days due to planned maintenance in the CATS gas export system.
The Nini field (comprising Nini and Nini East) has continued to perform well. With the temporary solution whereby the fields are producing directly to tanker, regularity continues to be highly dependent on weather. Danish authorities have approved continued use of the temporary production arrangement to 1 October 2014.
As previously reported, the Siri platform will be repaired this summer. To ensure progress in this work the operator DONG E&P has chartered an accommodation platform for two months from April 2014. The extra accommodation will enable the partnership to bring forward other repair work, which partly was scheduled for later in 2014. As a consequence, Noreco foresee a slight increase in production expenses in the short term, which is expected to be compensated by higher production from the field for the full year.
March output from the Oselvar field was stable around 700 boepd net to Noreco and the Lulita field has produced in line with expectations. According to the operator, the Cecilie field is expected to start up production late Q2. Restart at Enoch is also expected late Q2.
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