Noreco Notes Second Quarter Oil and Gas Production Results


Nini East
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Noreco's production in the second quarter of 2009 was 11,500 barrels oil equivalents per day.

The production in June was impacted by the annual, scheduled maintenance shut downs on the Brage field in Norway (approximately 14
days) and the fields in the Siri area in Denmark (approximately 5 days). All fields are now producing at full rates.

The production in the first half of the 2009 was 12,550 barrels per day. Production in the second half of the year is expected to increase due to the start up of new wells and the new field Nini East. The development of the Nini East field is progressing according to plan, and will increase Noreco's production by more than 3000 barrels per day when the field starts production in the second half of 2009. The key risks and opportunities to the delivery of Noreco's production guidance for 2009 are startup of Nini East, regularity on the fields, and drilling performance on the production/infill wells.

The achieved price for the quarter and the first half of 2009 was US $60 and US $58 per barrel of oil equivalents, respectively. The net
achieved price of reflects Noreco's oil price put options at US $50 and US $75 per barrel as well as adjustments for inventory and NGL and
gas prices.

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

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