Drilling and production update
(Thomson Reuters ONE) - Stavanger, 28 August 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR), Noreco provides an update of its ongoing drilling program,where two wells have been completed and three new wells are underway. The new wells will significantly increase Noreco's productionthrough the rest of 2009.BrageOn the Brage field in Norway, the drilling of the Brage A-22A wellhas been successfully completed as an ultra long reach waterinjection well to the Bowmore structure. The Bowmore well is stillproducing at high rates and will be further strengthened with waterinjection in well A-22A. The full year drilling program on Brage nowcontinues with drilling of the first of two additional infillproducers. The first well is expected to start production in October2009. Noreco has a 12% ownership in Brage.Nini and Nini EastOn the Nini field in Denmark, the drilling and completion of thewater injection well NA-9 was completed in July. The well iscurrently shut-in waiting for commissioning of the Nini waterinjection pipeline. The Nini producer NA-10 was successfullycompleted in August, and will be brought on stream within the nextfew days. Following completion of the Nini drilling program, the rigMærsk Resolute has moved to Nini East where it has started drillingdevelopment wells. Nini East is scheduled to start production in Q42009. Noreco has a 30% interest in Nini and Nini East.TastaExploration drilling on the Tasta prospect in Norway, where Norecoowns 40% and is the operator, starts today. Results are expected inOctober.2009 productionBased year to date production performance and the forecast for therest of 2009, Noreco's estimate for the 2009 average daily productionis revised to between 13,000 - 13,500 barrels of oil equivalent perday. This represents a c.5% reduction of previous guiding at 14,000barrel of oil equivalents per day. The reduction in forecast ismainly caused by delays in the drilling program on the Nini field,resulting in delayed delivery of Nini production and injection wells,as well as delay to the Nini East drilling program. The lowerforecast for 2009 represents a deferral of production into 2010related to timing of start up of wells and not a loss of reserves.The new wells on Nini, Nini East and Brage will significantlyincrease Noreco's production through the rest of 2009 and into 2010.Contacts:Scott Kerr, CEO (+47 992 83 890)Einar Gjelsvik, Vice President Strategy & Investor Relations (+47 99283 856)This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.08.2009 - 15:56 Uhr
Sprache: Deutsch
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