Noreco increased its oil and gas reserves by over 7.5 million barrels of oil equivalents in 2008, giving a reserve replacement ratio of 145%.
"We had a very successful drilling campaign in 2008, made significant advances on our discoveries and continued to acquire reserves. This will lead to continued production growth for the company," commented Noreco CEO, Scott Kerr.
As part of the company's reserve verification process, Noreco has received reports from the independent, third party reserve auditor,
The DeGolyer and MacNaughton reserve verification report covers the Norwegian fields Brage and Enoch and the Danish fields Siri,
As of January 1, 2008 Noreco's total contingent resources in existing discoveries were estimated to be 102 million boe. According to
The reserve numbers are preliminary and hence can be subject to adjustments. Final reserve numbers and further details will be reported in Noreco's annual reserve statement in conjunction with the annual report for 2008. This statement will also include a detailed review of reserves, contingent resources and management's discussion and analysis.
Most Popular Articles