Noreco Posts Production Results for February

Noreco's oil and gas production in February 2010 was 13,750 barrels of oil equivalents (boe) per day. Net realized oil price was US $73 per boe after adjustments for oil put options, inventory and NGL and gas prices.

The Siri field produced 9,600 boe/day (4,800 boe/day net to Noreco), while Nini produced 7,000 boe/day (2,100 net) in February. The performance for both fields was positively impacted by flush production following the recent five-month shutdown. In addition, Nini's production benefited from the startup of a new production well and a water injector in the Ty reservoir.

The Cecilie field was restarted in February and initial production volumes were low due to limited allocation of gas lift capacity in the startup phase. Average production for the month was 500 boe/day (300 net). The field is currently producing in the order of 1,000 boe/day (600 net).

Nini East was brought on stream on February 24, consequently its contribution to the average production in February was marginal. The field is currently producing in the order of 7,000 boe/day (2,100 net) and is expected to reach levels of around 10,000 boe/day (3,000 net) when at full capacity.

Brage production was stable at 36,900 boe/day (4,500 net). A new infill well in the Statfjord reservoir was brought on stream at the end of the month. Drilling of the next infill well is ongoing and is expected to be completed in the second quarter this year.

South Arne production increased to 22,300 boe/day (1,450 net), up 15% from January due to higher regularity. The drilling of two new production wells is progressing according to plan, and both wells are expected be brought on stream in the third quarter.

Net production to Noreco from the fields Enoch and Lulita was 275 and 200 boe/day respectively.

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

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