Noreco Produces 4,017 Boepd in September

Norwegian Energy Company ASA (Noreco) in September 2011 produced 4,017 barrels of oil equivalents (boe) per day. Net realized oil price was USD 106 per boe after adjustments for oil put options, inventory, NGL and gas prices.

Production per field (boe):

Nini East – 2.537

Nini – 745

Cecilie – 319

Lulita – 302

Enoch – 114

The produced oil from Nini East, Nini and Cecilie continued to be stored directly on tankers in September pending repair of a riser at the Siri platform. This caused some reduction in production regularity from these fields. The riser repair was completed early October.

Noreco in July entered an agreement to sell its share of the Siri field to DONG Energy with economic effect from 1 July 2011. In August, the company entered an agreement to sell its share of the South Arne field to Hess with valuation date 1 January 2011. Production from these fields is therefore not included in the monthly production report.

Production volumes and prices are preliminary and subject to adjustments, including final allocations between fields, quality adjustments and prices.

[mappress]

Source: Noreco , October 7, 2011; Image: Dong Energy