August production
(Thomson Reuters ONE) - Stavanger, 10 September, 2009: Norwegian Energy Company ASA (Noreco -OSE:NOR), Noreco's production in August 2009 was 11,000 barrels ofoil equivalents per day, realized at US$71 per barrel. Production isexpected to increase significantly through the rest of 2009 as newwells start up on Nini and Brage, the new field Nini East startsproduction and the Siri and Lulita fields are brought back onstream.On the Nini Field a new producer was started on 27 August at rates ofmore than 3,000 barrels per day gross. A Nini water injection wellhas also been drilled and completed at Nini, and will furtherstrengthen the production from the field. At the Brage Field,drilling of the next infill producer is in the final stages and startof production is expected in October. The Nini East Field isscheduled to start production in Q4 and will contribute with morethan 10,000 barrels per day gross. The Lulita Field is coming back onstream in mid October, following a 3 months maintenance productionshutdown at the Harald Field.The production in August was in line with the latest guidance for2009. The underlying production from the fields was as expected inAugust, with good stable performance from most of the fields. TheNini Field production was significantly reduced in August due to a 7days unplanned shutdown and downtime on Nini water injection duringreplacement of the water injection pipeline. The Siri field showedfavourable production response to higher water injection and producedat rates up to 10,000 barrels per day gross in August. The BrageField continues with strong production performance, producing at morethan 35,000 barrels of oil equivalents per day gross at the end ofAugust.Production on the Siri platform was temporarily shutdown on 31 Augustas a routine inspection revealed cracks in steel plates on a subseawater buffer tank connected to the main storage tank. The productionshutdown includes all production from the Siri, Nini and Ceciliefields in Denmark. The Siri manning was reduced to a minimum whilefurther investigation and mitigation planning is ongoing. DongEnergy, the Siri operator, has established a project organizationthat is working inspection, analysis and mitigation plans. Noreco isfully supportive of the operator's efforts and is in close dialoguewith Dong Energy on resolving the issue. The partnership is takingall measures necessary to ensure that production will be restored ina safe and orderly manner as soon as possible and current estimatesindicate that this can be in October. Noreco will provide furtherupdates as significant new information becomes available. As aconsequence of the temporary shut down at Siri, Noreco will mostlikely reduce the production guidance for 2009. A revision will bemade when the exact timing of the start-up of the Siri Field isknown.Prior to the shutdown production from the Siri Field was 10,000barrels per day gross, while total production over the Siri platformwas in the order of 13,500 barrels per day gross. The shutdown is notexpected to have any adverse effect on the reservoir or fieldreserves, and the production is expected to be fully restored whenthe Siri facilities are back in production in October.The net achieved price of US$71/boe in August reflects Noreco's oilprice put options at US$50 and US$75 per barrel as well asadjustments for inventory and NGL and gas prices. The productionvolumes and prices are preliminary and are subject to adjustments,including final allocations between fields, quality adjustments andprices.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: 10.09.2009 - 11:48 Uhr
Sprache: Deutsch
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