Noreco Says Production for 2008 is Up

Noreco's oil, gas and NGL production for June 2008 was 12,250 barrels of oil equivalents (boe) per day. The average price achieved in June was 131 US$ per boe. In the beginning of July, Noreco set a new price record for crude oil sales at 138 US$ per barrel.

Production for the first half of the year is ahead of plan, and the company will announce revised production guidance for 2008 in conjunction with the Q2 results presentation July 24, 2008.

The average daily production in the second quarter of 2008 was 11,450 boe at an average price of 120 US$ per boe.

In June, the Brage field was shut down for 6 days for planned maintenance. The shut down was executed to plan. There was also a short shut down of less than one day on Brage in June due to a fire on Oseberg.

Oil prices remain very strong, and the average net price per barrel achieved for the month was 131 US$. In the beginning of July, Noreco set a new price record for crude oil sales at 138 US$ per barrel.

The daily figures above include production volumes from Noreco's recent acquisition of Talisman Oil Denmark Limited from 18 June 2008. Excluding the acquisition of Talisman Oil Denmark Limited, the average daily production figures would have been approximately 10 950 for June and11 000 for Q2.

The production volumes are preliminary and are subject to adjustments, including final allocations between fields, quality adjustments and prices. The average prices stated are per barrel of oil equivalents after cost of put options.

 
 
 
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